Takeover target Macmahon has urged shareholders to reject a takeover offer from fellow-listed Cimic, labeling it inadequate and opportunistic.
Macmahon told shareholders on Monday that an independent expert has concluded that Cimic’s A$0.145 a share offer was neither fair or reasonable, with Macmahon pointing out that the timing of the offer was opportunistic and did not reflect the improved outlook for the mining services sector.
