Shareholders of MMA Offshore Limited overwhelmingly voted in favor of the company's acquisition by a subsidiary of Singaporean offshore wind energy vessels operator Cyan Renewables for AUD 1.07 billion.
The approval, with a majority vote of 92.30%, signals a significant milestone for MMA Offshore, a key player in marine and subsea services for the offshore energy and wider maritime industries.
Following clearance from Australia's Foreign Investment Review Board earlier this month, MMA Offshore will now proceed to seek approval from the Federal Court of Australia at a hearing scheduled for July 10, as announced in a statement today.
The acquisition agreement, initially agreed upon in March, saw an increased offer in June from AUD 2.60 to AUD 2.70 per share by Cyan Renewables, reflecting strengthened terms amidst positive market conditions.
The acquisition is poised to enhance Cyan Renewables' presence in the offshore energy sector, leveraging MMA Offshore's operational capabilities and industry expertise.
