CIMIC Group Investments Pty Limited made an offer to acquire remaining 79.5% stake in Macmahon Holdings Limited (ASX:MAH) for approximately AUD 140 million on January 24, 2017. Under the terms of the transaction, CIMIC Group Investments will pay AUD 0.145 per share for ordinary shares and Macmahon performance rights. CIMIC Group Investments held 246.63 million shares before the transaction and will offer for the remaining shares. The transaction will be funded through existing cash or loan agreement between CGI and CIMIC. In the event CIMIC acquire more than 90% in Macmohan it will be required to carry out a compulsory acquisition for the remaining stake. During the period January 24, 2017 to February 3, 2017, CGI acquired a total of 29.25 million Macmahon shares. As of February 9, 2017, second supplementary bidders statement has been filed. If CGI acquires less than 50% of all Macmahon shares by way of this offer, it intends to seek representation on the Macmahon Board commensurate to its shareholding. As of February 13, 2017, the Independent Directors of Macmahon strongly advise that you take no action at this stage. Transaction is subject to the approval by shareholders. As of January 24, 2017 Foreign Investment Review Board approved the transaction. On January 27, 2017, The Board of Directors of Macmahon Holdings Limited recommended the shareholders to take no action against the proposal. The Board of Macmahon recommended the shareholders to reject the offer by taking no action. The offer price is inadequate. The Independent Expert has concluded that CIMIC’s Offer is neither fair nor reasonable. CIMIC encourages shareholders to accept the offer. The offer will run from February 8, 2017 till March 9, 2017. As of March 1, 2017, the offer price of AUD 0.145 for each Macmahon Share is final and cannot be increased during the offer Period, in the absence of a competing proposal. The offer is unconditional and the shareholders will be delivered cash within seven business days from the acceptance date. On March 3, 2017, CIMIC Group Investments Pty Limited declared that its offer will not be extended and the offer price will not be increased. The Board of Macmahon Holdings Limited continued recommending rejecting the offer. As of March 8, 2017, The Takeovers Panel has swiftly rejected a call by CIMIC Group to intervene in its hostile bid for Macmahon Holdings. CIMIC Group Investments Pty Limited in sixth supplementary Bidder's Statement said the offer per share will remain the same and date for the bid will not be extended so accept the offer. Credit Suisse (Australia) Limited and Credit Suisse Equities (Australia) Limited acted as financial advisors, Michael Gajic of Minter Ellison acted as legal advisor while Computershare Investor Services Pty Limited acted as Registrar for CIMIC Group Investments Pty Limited in the transaction. Ashurst Australia acted as legal advisor, Macquarie Capital (Australia) Limited acted as financial advisor and Lonergan Edwards & Associates Limited acted as fairness opinion provider for Macmahon. Lonergan Edwards & Associates Limited will receive a fee of AUD 0.13 million.