The firms have agreed to pay A$2.2 per share, valuing the stake at around A$150m ($138m), Miclyn said in a document filed with the Australian Securities Exchange (ASX). The offer represents a premium of 12.8 per cent to the company’s closing price on September 5, the last day before the terms of the offer were disclosed.
Back in September 2012 Champ paid A$199m for a stake in Miclyn, which serves the offshore oil and gas industry in Southeast Asia, Australia and the Middle East.
Headland bought its interest in the business for $141m in August 2011.
Earlier this year Champ and Healand each bought a further stake of 8.1 per cent to up their shareholding to 41.1 per cent and 34.1 per cent respectively.
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