21.09.2011

Stokes goes for 100% of National Hire

Australian based Kerry Stokes and his Seven Group Holdings has made a A$150 million bid to acquire the third of the business they do not already own.

The plan, which is worth $3 a share, rising to $3.60 a share should compulsory purchase come into play (once seven has 75 percent of the business) is aimed purely at de-lisitng National Hire. It may well then consider what it does with its 46 percent holding in Coates Hire.

National bought into Coates in October 2007 along with private equity partner Carlyle Group. The two now own around 93 percent of the business. It is possible that a privatised National Hire would look to buy Carlyle out of Coates, however it is debatable whether it could offer any more than the two paid for it four years ago, they might instead prefer to go with a new stock exchange flotation/listing?

Trading in the shares were halted on Monday pending developments with the offer and completion of Coates takeover of Tru Blue Click here to see Coates acquires Tru Blue
Click here to see Coates goes to National

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