bring back permabear, page-38

I need to chack the multiplex/mirvac sp i think.. this reeks of another lbo wildcard..

Multiplex, Mirvac coy on takeover talk
08/06/2007 01:28:11 PM


Advertisement:
Property groups Multiplex and Mirvac Group have declined to comment on reports the companies are discussing a possible ownership transaction.

According to a newspaper report, a potential bidder for Multiplex already may be going through the company's accounts in preparation for a possible offer.

The Australian Financial Review speculated that Mirvac may be the potential bidder with an offer as high as $5.20 per security.

Multiplex is already a potential takeover target of Brookfield Asset Management, following news in February that Brookfield had approached the company.

Members of the founding Roberts family holding executive positions with Multiplex have stood down while the approach was considered.

There are also rumours in the market that Mirvac itself may be the target of a takeover approach, with analysts ranking the firm as among the property groups most vulnerable to private equity.

A recent $4.7 billion bid by US-based Morgan Stanley Real Estate for property group Investa prompted analysts to rank companies most likely to be takeover targets, with Colonial First State's retail office trust CFS Retail, Multiplex, Lend Lease, Deutsche Bank's RREEF trust and Mirvac making the top five.

They say that private equity players may have up to $US300 billion ($A359.99 billion) available to buy Australian property assets.

Spokespeople from Mirvac and Multiplex had no comment.

A Multiplex spokeswoman said discussions in relation to Canada-based Brookfield were "on-going".

The talks could lead to an offer involving Roberts Family Nominees, the family vehicle of the founding Roberts family that holds about 25.6 per cent of Multiplex.

Brookfield is proposing to acquire the non-trust business of Multiplex, which includes the construction operations.

The rest of the group is expected to remain as a managed listed entity.

At 1241 AEST, Multiplex shares fell one cent to $4.92, while Mirvac Group shares dropped 13 cents to $5.69.