financial-buyers-place-multibillion-dollar-aussie-bets

Financial buyers place multi-billion dollar Aussie bets

KKR and CVC make headway on large transactions in AustraliaÆs retail and media sectors.
October 19, 2006
Foreign private equity firms are playing for high stakes in AustraliaÆs MA market with Kohlberg Kravis Roberts and CVC Asia Pacific making moves on two significant transactions this week.

KKR, as the head of a consortium of five other firms, received another set back in its hostile bid for retailer Coles Myer on Thursday when the board rejected a revised offer of A$15.25 a share. The new bid made late on Wednesday was 11% higher than the consortiumÆs offer of A$14.50 a share made in August. The new offer values the business at A$18.2 billion.

Despite KKRÆs warning that the new bid would be its final offer, Coles MyerÆs board acting quickly...
¬ Haymarket Media Limited. All rights reserved.

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