More Media Takeover Speculation

More media speculation ….


https://thewest.com.au/politics/def...n-of-a-north-american-takeover-bid-c-11173294
Austal shares soar on latest speculation of a North American takeover bid

Sean SmithThe West Australian
Tue, 4 July 2023 9:47AM
Sean Smith


Austal turns out ships for the defence and commercial sectors. Credit: Supplied

Austal shares have leapt more than 12 per cent on the latest speculation of an upcoming North American takeover bid.

Despite a steady stream of increasingly specific reports that large investors are looking over the Henderson-based shipbuilder, Austal shareholders have not heard from the group on the corporate activity since a month ago when it suggested it was fielding takeover approaches.

The Andrew Forrest-backed stock was 29¢ higher at $2.60 as at 11am, drawing a telephone enquiry from the Australian Securities Exchange, after the Australian Financial Review reported late on Monday that New York’s JF Lehman & Company was readying an offer for Austal.

The newspaper has previously said that Cerberus Capital Management and Arlington Capital Partners were also looking at a bid.

The rumours could be a means of building competitive tension by Austal’s advisers, JP Morgan and Poynton Stavrianou.

Austal shares are up 17 per cent over the past month on a combination of the speculation and new defence contracts in the US.
The success of any bid will rest with Mr Forrest, the $940 million company’s biggest shareholder with 19 per cent after a buying blitz last year.

Austal is a rare international manufacturing success story for WA, a local company that successfully competed with global defence giants for contracts to build warships and support vessels for the world’s most powerful navy and the US Coast Guard.

The lion’s share of its $2 billion in annual revenue is derived from its Mobile, Alabama shipyard, which has a $10b pipeline of work stretching out up to 10 years.