Punj Lloyd Ltd
Punj Lloyd unit Sembawang Australia said it would offer A$38 million for Macmahon's construction businesses, including its rail business. Alternatively, it is offering to beat Macmahon's existing A$20 million agreement with Leighton for the construction assets, minus the rail business, by A$5 million.
Macmahon, which is shedding its construction arm to become a full service mining contractor, said its board was considering the proposal.
Macmahon last week distanced itself from Punj Lloyd's original approach, which did not include a dollar figure, saying it could not offer the Indian firm due diligence due to exclusivity arrangements with Leighton.
Macmahon said in December it planned to exit construction and announced a deal to transfer the majority of its construction assets to Leighton. Construction group Leighton owns 24% of Macmahon, according to Thomson Reuters data.
Macmahon shares jumped as much as 5.5% in morning trade on news of the revised offer and were last trading up 3.6% at A$0.285.
