orica-becomes-a-private-equity-target

Orica becomes a private equity target

The Australian mining services company rejects a A$10 billion bid by Bain, Blackstone, PEP and Morgan Stanley.

Orica has become the latest target in AustraliaÆs leveraged buy-out blitz, with the company confirming that it has received a A$32.00 per share cash offer from a consortium that values the business at nearly A$10 billion $8.3 billion. The proposal has been rejected.

The non-binding and indicative proposal came from a group of four LBO firms including Bain Capital Partners, Blackstone Capital Partners, Pacific Equity Partners and Morgan Stanley Principal Investments. The cash offer of A$32.00 a share represents a 15% premium to the closing price of OricaÆs shares on Tuesday when the offer was made. Though, the companyÆs shares immediately traded up A$5.61 yesterday to A$33.50 a...

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