MMA shareholders approve $1.1bn takeover

Shareholders in marine services company MMA Offshore have voted to approve the $1.1 billion takeover by Cyan MMA Holdings today.

At the scheme meeting this morning, 92.3 per cent of the securities held by 65.2 per cent of the shareholders voting were in support of the takeover deal.

A group of 190 holders, accounting for the remaining 7.7 per cent of securities, voted against the $2.70-per-share takeover offer from the Singapore firm.

MMA will now submit the scheme for approval by the Federal Court of Australia at a hearing scheduled for Wednesday. It’s expected to be implemented on July 25.

The vote comes after the takeover target gained the backing of its biggest shareholders, Halom Investments and Thorney Opportunities, and cleared the Foreign Investment Review Board hurdle. 

Cyan MMA Holdings, an offshore vessel subsidiary of Singapore private equity firm Seraya Partners, first lobbed the takeover offer in March. The initial $2.60 per share offer was upped to $2.70 per share in June.

The acquisition would more than double Cyan’s fleet, with the firm planning to retain MMA’s workforce and expand its offshore wind services alongside marine and subsea services to existing clients.

MMA Offshore’s shares were trading up slightly by 0.37 per cent to $2.69 at 12PM AWST.