Elders yet to sign off on forecasts for potential bidders =...

Elders yet to sign off on forecasts for potential bidders = Jackman dragging his heels as usual..

DITED BY SARAH THOMPSON AND ANTHONY MACDONALD
The nation’s largest listed rural services provider, Ruralco, has retained investment bank UBS to manage an equity raising if it is successful in acquiring Elders’ rural services arm.

Indicative bids are to be submitted to Greenhill-advised Elders on Thursday. It should be pointed out that a capital raising from John Maher-led Ruralco, which is taking its counsel from Gresham Advisory, is a distant prospect given the due diligence process is yet to start and the Elders’ board is yet to sign off on its forecasts.

It does indicate, however, that Ruralco, which became Elders’ largest shareholder earlier last year with a 12 per cent stake, is not considering teaming up with another party to secure its coveted target. It’s understood UBS has been asked to consider structures, including potential cornerstone investors.

Ruralco wanted to merge the duo’s rural service operations before its rival surprised the market in November by putting its division on the chopping block. Also in the mix are said to be a number of international and domestic parties, including at least one consortium.