Oil States Makes Room For Mac

US-based Oil States International Inc has made a $651 million takeover bid for mining accommodation firm The MAC Services Group Ltd, which has been backed by the target's directors. Sydney-based MAC said its directors unanimously recommended the offer of $3.90 cash for each of its shares, less any dividends declared or paid by the target after October 15.

The offer represents a 16.4 per cent premium to MAC's closing share price on Thursday of $3.35. MAC directors intended to vote in favour of the takeover in the absence of a better bid, MAC said in a statement.

MAC's largest shareholder with a 52 per cent interest, the Maloney Family Trust, intends to vote in favour of the bid, the target said. 'The proposed acquisition would create an international market leader in remote area mining and accommodation and services with more than 11,000 village and lodge rooms in Australia and North America,' the MAC said. 'MAC is expected to serve as a platform for future growth in Australia for Oil States.'

Shares om MAC closed steady at $3.35 on Friday.

Oil States International Inc., Houston, (NYSE: OIS) plans to acquire remote accommodations provider The MAC Services Group Ltd. (Australia: MSL) for US$645 million (A$651 million) in cash.Oil States will pay US$3.85 (A$3.90) per The MAC share, a 16% premium to The MAC’s Oct.14 closing price of US$3.31 (A$3.35), according to Oil States.The MAC Group has operations with six villages totaling close to 5,000 rooms in Queensland, Australia, It provides housing accommodations to coal producers in the Bowen Basin and also plans to provide future services to the coal, gold, iron.