Business Services Industry
Bidding war for Coles takes shape.
Australasian Business Intelligence, April, 2007
Byline: Nabila Ahmed and Marc Moncrief and Leon Gettler
Apr 03, 2007 (The Age - ABIX via COMTEX) -- During April 2007, it is anticipated that Wesfarmers will be invited into a data room to examine the books of Coles Group. Wesfarmers has declared a bid of $A19.7 billion to acquire the listed Australian retail giant in its entirety. Under the offer, Coles shareholders will be able to keep the $A0.195 dividend announced in the week ended 31 March. Wesfarmers has been seriously considering the transaction for two months. Coles has agreed to hasten the sale process. However, it has also stated that any appealing bid from Kohlberg Kravis Roberts (KKR) will not be discounted. The KKR consortium held discussions with Coles officials on 3 April. Meanwhile, Premier...
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