What a Joke....
Pacific Equity Partners and Bain Capital last year approached Bradken with an offer of $6 a share, which was eventually cut back to $5.10. But the private equity groups in December walked away from the proposal in response to sliding commodity prices and volatile financing markets.
PEP returned in April partnered with Koch Industries in a $2.50 per share offer, although that approach was rebuffed by Bradken as opportunistic and too low. However, Bradken shares have continued to slide since then and were trading at just $1.72 each when a trading halt was called yesterday morning. The stock had peaked at $9.59 a share in early 2011.
In the six months to December 31, Bradken’s underlying net profit was $13.83 million, a 63.7 per cent fall on the previous corresponding period’s $38.1m.
The company posted a net loss of $92.6m.
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