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Macmahon Holdings Limited (ASX:MAH) Singapore based suitor Sembawang has sweetened its offer to acquire Macmahon’s construction assets.
A revised two part proposal was released to the market today with the first part offering $38 million for all construction assets including Macmahon’s rail assets, which is up from the $25 million it offered in early January.
The second part would see Sembawang increase Leighton Holdings Limited (ASX:LEI) $20 million bid for Macmahon’s construction arm by $5 million.
The news follows Sembawang’s recent claims that it has initiated legal proceedings against the company for failing to properly inform the market that an offer had been made in November last year, prior to an MOU signed with Leighton’s.
Macmahon says the board is considering the proposal.
Macmahon Holdings posted a net profit of $56 million in the 2012 financial year.
