Australian retail giant Coles Group sets takeover bid deadline

0 Comments | AFP, May, 2007

SYDNEY (AFP) — Australian retail giant Coles Group on Thursday set June 25 as the final bidding date in a takeover tussle for the company, as it reported disappointing quarterly sales growth.

Australia's second biggest retailer is being targeted by US-based private equity firm Kohlberg Kravis Roberts (KKR) and a consortium led by the Wesfarmers conglomerate.

The Coles board last year rejected an 18.2 billion dollar (15.04 US) offer from KKR as being too low, scuppering what would have been Australia's biggest ever corporate takeover.

But the company announced an ownership review in February when it was forced to concede that earnings forecasts used to defend the offer were too ambitious.

On April 4, Wesfarmers offered 16.47 dollars a share for Coles,...