Pacific Brands mulls unsolicited takeover offer
Australian-based Pacific Brands has confirmed an unsolicited approach from US private equity giant KKR regarding a possible full takeover.
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Australian-based dual listed Pacific Brands has confirmed an unsolicited approach from US private equity giant KKR regarding a possible full takeover.
The firm’s board, along with advisers Flagstaff Partners and Minter Ellison, says it is is considering the approach and that preliminary discussions are being held with KKR.
In a statement to the ASX and NZX Pacific Brands says “there is no certainty that these discussions will lead to any agreement being reached between the parties” and says it will keep shareholders informed of any material developments.
The Australian Financial Review is reporting that KKR had approached Pacific Brands, maker of Bonds underwear and Sheridan sheets, with a buyout approach before Christmas that could be worth about $A600 million
Locally, Pacific Brands' shares [NZX: PBG] last traded at 72c on NZX. The company posted a net profit of $A103 million before impairment charges for the year to June 30, 2011 but warned at its AGM in October that it expected a weaker result in the current financial year.
NBR staff
Tue, 10 Jan 2012
Tue, 10 Jan 2012
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Pacific Brands mulls unsolicited takeover offer
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