Macmahon Holdings Limited (ASX:MAH) has rejected another proposal from Indian-backed suitor Sembawang to buy its construction business.
Macmahon says it has received another letter from Sembawang confirming an offer to buy the assets for $38 million, despite Sembawang stating publically it would not be making any further offers.
Macmahon’s directors have again unanimously rejected the bid, citing the offer's conditional nature and uncertainties surrounding Sembawang’s ability to complete the transaction.
The latest development comes after Sembawang last week accused Macmahon of not informing the market of its first bid in November 2012 after which Macmahon inked a deal to sell its construction business to Leighton Holdings Limited
(ASX:LEI).
Macmahon Holdings generated a net profit of $56 million in the 2012 financial year.
