The S&P/ASX 300 Index (ASX: XKO) is off to a strong start today, and this ASX 300 stock is doing plenty of the heavy lifting.
At the time of writing on Monday morning, the ASX 300 is up a healthy 0.7%, while shares in this marine-related services provider are up 10.0%, trading for $2.585 apiece.
Any guesses?
If you said MMA Offshore Ltd (ASX: MRM) give yourself a virtual gold star.
Here's why investors are sending MMA Offshore shares soaring.
ASX 300 stock rockets on takeover offer
ASX investors are snapping up MMA Offshore shares after the company announced it has entered into a binding scheme implementation deed with Cyan MMA Holdings for the proposed acquisition of all the ASX 300 stock's shares via a scheme of arrangement.
Cyan is owned by Seraya Partners, an infrastructure fund focused on energy transition and digital infrastructure.
Under the proposed acquisition, shareholders will receive $2.60 cash per MMA Offshore share. That's 10.6% above Friday's closing price of $2.35 a share. And it values the ASX 300 stock on a fully diluted basis at approximately $1.03 billion.
Cyan said it plans to keep MMA Offshore's workforce and to expand further into offshore wind support services. Cyan also intends to continue offering marine and subsea services to existing clients in the offshore energy and broader maritime industries.
Commenting on the takeover offer sending the ASX 300 stock rocketing today, MMA Offshore chairman Ian Macliver said, "We have been in discussions with Cyan since October 2023 and the board has now reached the required level of confidence to enter into the scheme implementation deed."
Macliver added:
We believe Cyan's offer provides compelling value for MMA today, representing a 31% premium to the 90- day volume weighted average share price, a 91% premium to the company's net tangible asset value and a 7.7x earnings multiple based on annualised first half FY24 EBITDA.
The MMA Offshore board unanimously recommends shareholders vote in favour of the scheme at the scheme meeting, barring a superior proposal.
MMA Offshore share price snapshot
It's been a great year for MMA Offshore shareholders, with the ASX 300 stock now up 137% over 12 months.
