Pacific Equity Partners and Koch Equity Development, who are mounting another attempt to buy mining equipment company Bradken, say they’re happy to keep working with Bradken’s board on the deal for the next four days while the rest of the country’s on holiday.
Bradken announced today it had rejected a takeover offer at $2.50 a share, a 35% premium on the company’s closing price on Tuesday. The company said the “proposal was subject to a number of conditions including certain financial due diligence.”
But PEP and Koch, in a statement this afternoon, aren’t taking no for an answer. They’re calling on Bradken to release “the full terms of the proposal, including the limited confirmatory matters to which it is subject”.
The bidders said they had full funding in place and think a deal could be done in a matter of days. It said:
“We confirm that we have obtained both equity and debt funding commitments to finance the Transaction. Debt financing has been arranged with a syndicate from the Australian banking market and is on a committed basis. Equity funding for the Transaction will be provided equally by Koch and the funds advised by PEP and their co-investors.
“Assuming the appropriate access, we believe we can complete the confirmatory work required prior to executing definitive documentation in a matter of days, and look forward to working with the Bradken board over the long Easter weekend.”
We’re sure Bradken’s looking forward to it too.
Bradken shares rose 18% today on the ASX, closing at $2.29, still below the offer price.