Business Services Industry
Coles Myer slaps down private equity bid.
Australasian Business Intelligence, September, 2006
Sep 11, 2006 (The Australian Financial Markets Newsletter - INSTO - ABIX via COMTEX) -- Coles Myer turned down a takeover offer from a private equity consortium in September 2006. The board held that the $A14.50 per share bid undervalued the Australian retail chain. Kohlberg Kravis Roberts heads the consortium, which includes Blackstone Group, Bain Capital, The Carlyle Group, CVC Asia Pacific and Newbridge Capital. The chairman of Coles Myer, Rick Allert, claims the deal was non-binding and failed to offer certainty regarding the availability of debt finance or equity finance for the takeover. It is rumoured that the consortium may buy the retailer's shares on the market in a hostile takeover.
Publication Date: 8 September 2006
COLES MYER LIMITED -...
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