In Australia, Coles Myer chairman Rick Allert told a press conference that the company has not conducted talks with either Wal-Mart or Tesco about a possible takeover of the business, and that it has no plans to.
Coles Myer already has rejected an $11 billion (US) takeover bid by a Kohlberg Kravis Roberts (KKR)-led consortium, with Allert saying at the time that the bid undervalued the company and isn’t in the best interests of its shareholders.
KKR did not commented on the rejection, but it has been reported that the private equity firm was not interested in pursuing a hostile takeover. Speculation has raged that Wal-Mart and/or Tesco might be interested in making a sweeter bid that Coles Myer would find more attractive.
Coles Myer already has rejected an $11 billion (US) takeover bid by a Kohlberg Kravis Roberts (KKR)-led consortium, with Allert saying at the time that the bid undervalued the company and isn’t in the best interests of its shareholders.
KKR did not commented on the rejection, but it has been reported that the private equity firm was not interested in pursuing a hostile takeover. Speculation has raged that Wal-Mart and/or Tesco might be interested in making a sweeter bid that Coles Myer would find more attractive.
- KC's View:
- Maybe a deal won’t happen. But we can’t shake the sense that the window has been opened, and that somebody is going to climb through.
