Bradken Limited (ASX:BKN) shares are trading a third higher at $4.41 after receiving a non-binding, indicative proposal from funds advised by Pacific Equity Partners Pty Limited and Bain Capital Asia, LLC.
The consortium wants to acquire 100% of the ordinary shares in Bradken for $5.10 per share conditional on completion of confirmatory due diligence and a board recommendation.
The consortium made a confidential, non-binding and indicative proposal to the company in August to acquire 100% of the ordinary shares for $6.00 per share, pursuant to which the board granted detailed due diligence.
However, no firm offer was forthcoming at that time.
Bradken said that it is reviewing the proposal.
Add to My Watchlist
What is My Watchlist?