MMA Offshore shareholders approve sale to Cyan Renewables

The shareholders of MMA Offshore Limited (ASX:MRM), an Australian provider of marine and subsea services to the offshore energy and wider maritime industries, have voted to approve its AUD-1.07-billion (USD 721m/EUR 666m) agreement to be acquired by a subsidiary of Singaporean offshore wind energy vessels operator Cyan Renewables.

The transaction was given the go-ahead with a positive vote of 92.30%, the target company said in a statement published today.

The shareholder nod came after the deal was cleared earlier this month by Australia’s Foreign Investment Review Board.

MMA will now submit the transaction for approval by the Federal Court of Australia at the hearing scheduled for July 10, it said further in the Monday statement.

The Australian firm agreed to the takeover in March. In June, the suitor sweetened the offer to AUD 2.70 per MMA share from the originally agreed AUD 2.60 apiece.

Shares in MMA last tarded at AUD 2.69 in Sydney on Monday.

(AUD 1 = USD 0.673/EUR 0.622)

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