Coates Hire rejects private equity bid

Carlyle and National Hire submit a bid for Coates Hire of Australia, valuing the business at $1.3 billion, but the bid is rejected as too low.

Coates Hire of Australia has formally rejected a buyout offer which values the equipment rental business at A$1.58 billion $1.3 billion.

A consortium comprising private equity firm The Carlyle Group and National Hire offered to buy the business for A$6.29 per share, excluding dividends. Including the A$0.11 dividend that Coates has declared, the offer is worth A$6.40 per share. The offer values Coates at A$1.58 billion.

Coates was quick to respond to the offer, describing it as ôhighly conditionalö...

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