smoga35,you hit the nail on the head, yeah it is a lot of stuffing around!
just goes to show just how much the board & mgmt luv wasting shreholders $$$
unfortunately they can't bring themselves around to actually seeeing and recommending the highest offer and that inevitably a full takeover of their beloved COA will happen sooner rather than later!
the weight of $$$ and industry players will see too it
private equity firm carlye group is one of the biggest
players in the world
Mr Dale Elphinstone owns the William Adams group which has the CAT dealer liscence in Vic & Tas and via ELP PTY LTD also has major holdings in both COA & NHR
Mr Kerry Stokes,cashed up SEVEN NETWORK SUPREMO owns the CAT dealer liscences in WA,NSW,ACT & Northern China via his private firm ACE PTY LTD which also owns WESTRAC a major CAT employer and consequent sustantial shareholder in NHR
a full takeroover of COA APPEARS tobe a no brainer!
COA board and mgmt just need to do the right thing this time and recommend the offer to its shareholders!
Coates receives revised offer
5/09/2007 By: Alex King
Shares in Coates Hire Limited (COA) finished 4.9% higher on Wednesday after the company confirmed it had received a revised takeover offer from National Hire Group Limited (NHR). The company reported that the “highly conditional” offer valued the group at $6.29 per share on an ex-dividend basis.
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Coates did not reveal who had made the revised bid this morning, however, press speculation was confirmed this afternoon when National Hire confirmed that it had submitted a revised joint proposal with The Carlyle Group.
The takeover group reported that the revised all-cash offer of $6.40 per share represents a premium of 20% above the closing price of Coates shares of $5.35 on Thursday 30 August 2007.
National Hire said that the revised proposal is equivalent to $6.29 per share on an ex-dividend basis.
The company advised that under the proposal, Coates could pay a fully franked dividend of up to 64c per share, including the fully franked 11c final dividend that Coates declared on 29 August 2007, in which case the offer price would reduce by 1c for each cent of dividend paid.
Coates said that the Independent Board Committee of the Board, comprising non-executive directors, was considering the offer and expects to make a full announcement to the market later on Wednesday.
Chairman Bill Cutbush said the Coates board was committed to considering offers for the company thoroughly so that a decision could be made in the best interest of all shareholders.
Following a strategic review of the company last month, Coates advised that it would not recommend any proposals it had received because the offers were not of sufficient value.
At the time of the strategic review, Mr Cutbush said that the bids received did not reflect any appropriate synergy benefits, however, advised that any future credible offers received by the board would be given due and thorough consideration.
Coates receives revised offer
5/09/2007 By: Alex King
Shares in Coates Hire Limited (COA) finished 4.9% higher on Wednesday after the company confirmed it had received a revised takeover offer from National Hire Group Limited (NHR). The company reported that the “highly conditional” offer valued the group at $6.29 per share on an ex-dividend basis.
Advertisement
Coates did not reveal who had made the revised bid this morning, however, press speculation was confirmed this afternoon when National Hire confirmed that it had submitted a revised joint proposal with The Carlyle Group.
The takeover group reported that the revised all-cash offer of $6.40 per share represents a premium of 20% above the closing price of Coates shares of $5.35 on Thursday 30 August 2007.
National Hire said that the revised proposal is equivalent to $6.29 per share on an ex-dividend basis.
The company advised that under the proposal, Coates could pay a fully franked dividend of up to 64c per share, including the fully franked 11c final dividend that Coates declared on 29 August 2007, in which case the offer price would reduce by 1c for each cent of dividend paid.
Coates said that the Independent Board Committee of the Board, comprising non-executive directors, was considering the offer and expects to make a full announcement to the market later on Wednesday.
Chairman Bill Cutbush said the Coates board was committed to considering offers for the company thoroughly so that a decision could be made in the best interest of all shareholders.
Following a strategic review of the company last month, Coates advised that it would not recommend any proposals it had received because the offers were not of sufficient value.
At the time of the strategic review, Mr Cutbush said that the bids received did not reflect any appropriate synergy benefits, however, advised that any future credible offers received by the board would be given due and thorough consideration.
Coates receives revised offer
5/09/2007 By: Alex King
Shares in Coates Hire Limited (COA) finished 4.9% higher on Wednesday after the company confirmed it had received a revised takeover offer from National Hire Group Limited (NHR). The company reported that the “highly conditional” offer valued the group at $6.29 per share on an ex-dividend basis.
Advertisement
Coates did not reveal who had made the revised bid this morning, however, press speculation was confirmed this afternoon when National Hire confirmed that it had submitted a revised joint proposal with The Carlyle Group.
The takeover group reported that the revised all-cash offer of $6.40 per share represents a premium of 20% above the closing price of Coates shares of $5.35 on Thursday 30 August 2007.
National Hire said that the revised proposal is equivalent to $6.29 per share on an ex-dividend basis.
The company advised that under the proposal, Coates could pay a fully franked dividend of up to 64c per share, including the fully franked 11c final dividend that Coates declared on 29 August 2007, in which case the offer price would reduce by 1c for each cent of dividend paid.
Coates said that the Independent Board Committee of the Board, comprising non-executive directors, was considering the offer and expects to make a full announcement to the market later on Wednesday.
Chairman Bill Cutbush said the Coates board was committed to considering offers for the company thoroughly so that a decision could be made in the best interest of all shareholders.
Following a strategic review of the company last month, Coates advised that it would not recommend any proposals it had received because the offers were not of sufficient value.
At the time of the strategic review, Mr Cutbush said that the bids received did not reflect any appropriate synergy benefits, however, advised that any future credible offers received by the board would be given due and thorough consideration.
COA
coates hire limited
