| The Australian, Business wrote: |
PRIVATE equity is back in town with two US firms making a $2.9 billion bid for Australia's biggest rail and ports owner, Asciano.
The consortium consists of TPG, which was one of the main partners in last year's failed privatisation attempt at Qantas, and Global Infrastructure Partners - a joint venture between General Electric and investment bank Credit Suisse.
Asciano was spun off from Toll Holdings after its takeover of rival Patrick.
The company said today the unsolicited non-binding indicative proposal included a cash alternative of $4.40 a share. There was a scrip alternative of unlisted securities in the bidding consortium, Asciano said.
But the target company, which will unveil its full-year financial results this week, has advised its shareholders to take no action.
Shares of Asciano raced up as much as 18.5 per cent to $4.92 after the trading halt was lifted. By early afternoon, Asciano was up 70 cents, or 16.9 per cent, at $4.85, as the benchmark S&P/ASX was slightly weaker.
To read an analysis by The Australian's John Durie, click on Poole restrictions.
Last week the Australian Securities Exchange questioned Asciano over a sharp rise in its share price.
At the time Asciano said it was aware of media speculation about a potential equity raising or asset sales, but it had not made a decision yet on future funding.
"Asciano continues to assess a range of options and consider a range of factors in determining the optimum financing strategy for future growth,” it said last week.
“There is no other explanation Asciano has for the price change in Asciano securities.”
In March, when Asciano was under pressure after two profit downgrades in less than three months, managing director Mark Rowsthorn said: "Is it vulnerable to takeover? I don't think so in this market, as it is still a big cheque to write out.” |
