Thiess Group Investments Pty Ltd made the offer to acquire MACA Limited (ASX:MLD) for approximately AUD 350 million on July 26, 2022. As per the terms, Thiess Group made the offer to acquire shares at AUD 1.025 per share. The transaction will be financed through the proceeds of AUD 356.3 million received from subscription. As of August 29, 2022, Thiess Group Investments Pty Ltd revised its offer to acquire MACA Limited (ASX:MLD) for approximately AUD 370 million. As per the terms, Thiess Group made the offer to acquire shares at AUD 1.075 per share.

The transaction is subject to certain conditions including minimum level of acceptance of 90%, receipt of regulatory approvals, or no-objection being received, from the Australian Foreign Investment Review Board and the Australian Competition and Consumer Commission, and between today's date and the end of the offer period, MACA not issuing or granting, and not agreeing to issue or grant, securities, derivatives or other rights or incentives which may convert into, or result in the issue of, MACA shares and not altering its capital structure or the rights attached to any of the MACA shares. The Board of Directors of MACA has unanimously recommended its shareholders to accept the offer. As of September 1, 2022, The Independent Expert has determined that the Revised Offer is fair and reasonable to MACA Shareholders in the absence of a superior proposal emerging. Thesis has satisfied all regulatory conditions to the offer including the ACCC and the FIRB condition. As of September 27, 2022, the offer has become unconditional. The offer will close on September 26, 2022. As of September 14, 2022, the offer is now scheduled to close on October 7, 2022, until further extended. As of October 7, 2022, the offer is now scheduled to close on October 14, 2022, until further extended. Grant Thornton Corporate Finance Pty Ltd concluded that the Takeover is fair and reasonable for MACA Shareholders in the absence of a superior alternative proposal emerging. As per the update on October 3, 2022, Thiess Group Investments Pty Ltd provided notification that Thiess holds a relevant interest in 51.83% of the shares in MACA Limited.

Macquarie Capital (Australia) Limited and Lisle Group Pty Ltd are acting as financial advisers and Michael Gajic of Squire Patton Boggs is acting as legal adviser to Thiess in relation to the Offer. Salient Corporate and Thomson Geer acted as financial and legal advisors to MACA Limited respectively. Link Market Services Limited acted as registrar to offeror. Kai Hasselbach of Freshfields Bruckhaus Deringer Rechtsanwälte Steuerberater PartG mbB acted as legal advisor to Thiess Group Investments Pty Ltd. Grant Thornton Corporate Finance Pty Ltd, provided the fairness opinion to MACA shareholders.

Thiess Group Investments Pty Ltd completed the acquisition of MACA Limited (ASX:MLD) on October 14, 2022. Thiess Group Investments Pty Ltd holds a relevant interest in over 90% of the MACA Shares on issue. Thiess Group Investments Pty Ltd will exercise its right to compulsory acquisition.