MACMAHON Holdings has received a second bid for its construction business after Indian-based Punj Lloyd Ltd said it was keen to better an agreed deal with Leighton Holdings.
Punj Lloyd said in a statement after the Australian market closed on Thursday its wholly-owned Sembawang Australia subsidiary had made an offer to buy Macmahon's construction operations for $25 million.
Sembawang president and chief executive Richard Grosvenor said the two companies were a strategic fit.
"Sembawang has always been eyeing Macmahon's construction business for over four years now and believe that the time is right to make this offer," Mr Grosvenor said in the statement.
Sembawang said the offer was the subject of satisfactory due diligence and board approval.
Punj Lloyd, an engineering and construction group, was listed on the national and Bombay stock exchange.
Macmahon said in December it would sell its construction activities to Leighton Holdings for $20 million and become a dedicated full service mining contractor.
Leighton owns about 24 per cent of Macmahon and is the company's largest shareholder.
While the effective date of the sale was December 31, 2012, the transaction required shareholder approval, with a vote due to be held at a Macmahon extraordinary general meeting scheduled for February.
Macmahon and Leighton did not respond to requests for comment.
Macmahon closed Thursday's local session up three cents, or 11.76 per cent, at 28.5 cents, while Leighton gained 47 cents, or 2.59 per cent, to $18.65.
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