Support for MMA Offshore takeover

MMA Offshore’s biggest shareholders have backed Seraya Partners’ $1 billion takeover bid of the Perth-based marine services company.

Cyan MMA Holdings, an offshore vessel subsidiary of Singapore private equity firm Seraya Partners, entered into a $1 billion scheme implementation deed with MMA in March.

Halom Investments, which holds about 7.7 per cent of MMA shares on issue, today flagged to vote in favour of the scheme at the scheme meeting.

Its support follows MMA's biggest shareholder Thorney Opportunities Ltd and Tiga Trading Ltd intending to also vote in favour of the scheme, as announced on the ASX on June 20.

Tiga Trading and its associates, collectively referred to as Thorney, has an 8 per cent interest in MMA.

MMA directors have unanimously recommended shareholders to vote in favour of the scheme at the meeting, in absence of a superior proposal and subject to an independent expert’s assessment.

Cyan initially offered $2.60 cash per MMA share, valuing the takeover target at $1.03 billion.

Last month, Cyan upped its consideration to $2.70 cash per MMA share which valued the deal at about $1.07 billion.

MMA Offshore last traded at $2.65 a share, up 2.71 per cent as of 4.10pm AEST today.