Business Services Industry
Wesfarmers moves closer to the books.
Australasian Business Intelligence, May, 2007
Byline: Simon Evans
May 07, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Progress has been made on an agreement allowing Wesfarmers to undertake due diligence on Coles Group. The conglomerate made an offer of $A16.47 a share on 3 April 2007. However, there have been many weeks of negotiations over the terms of entry to the retailer's three electronic data rooms. In early May, Wesfarmers made an offer to institutional shareholders, but Coles has demanded that no investors be approached. Due diligence may begin on 9 May. Coles' share price fell by $A0.05 to close at $A17.70 on 7 May.
Publication Date: 8 May 2007
COLES GROUP LIMITED - ASX CGJ
WESFARMERS LIMITED - ASX WES
MACQUARIE BANK LIMITED - ASX MBL
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