Deadline looms for CIMIC's $174 million Macmahon takeover

CIMIC's $174 million hostile takeover offer for Macmahon appears set to fail when it closes on Thursday after the Perth-based mining contractor found a white knight and key investors backed the board's rejection of the bid.

If less than 50 per cent of Macmahon shareholders accept the final, unconditional offer of 14.5¢ per share in cash by the time it closes at 7pm AEDT on Thursday, it will be the first defeat CIMIC has faced in a string of hostile Australian takeovers.