wall street journal says 2nd bidder withdraws
I have a few questions about this article.
Firstly how many articles do you read that say "a person familiar with the situation said"...who is the source???? This is the Wall Street Journal after all...possibly the world's most influentual source of financial news.
Secondly...why has CML's price risen to 13.47 after this article came out?
"FREE PREVIEW Coles Loses Second Group Considering Buyout Bid By Susan Murdoch Word Count: 410 | Companies Featured in This Article: Coles Myer MELBOURNE, Australia -- A second buyout consortium considering a bid for Australian retailer Coles Myer Ltd. is no longer interested, a person familiar with the situation said. Coles Chairman Rick Allert said last month its advisers had been approached about a syndicate being put together to rival a takeover bid by a group led by New York-based Kohlberg Kravis Roberts & Co.
The KKR-led group last week formally walked away from its proposal after Coles rejected a sweetened bid of 18.2 billion Australian ..."
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