DAY TO DAY OPINION & ANALYSIS ABOUT THE SO-CALLED LAWFUL WORLD THAT WE LIVE IN
(Recasts lead to add bidders not considering raising offer, adds company comments in paragraph 5, background from paragraph 6)
By Ross Kelly Of DOW JONES NEWSWIRES
SYDNEY (Dow Jones)--Carlyle Group and Macquarie Group Ltd. (MQG.AU) aren't considering raising their offer for Redflex Holdings Ltd. (RDF.AU) after the red-light and speed infringement camera group's shareholders voted against the pair's A$303.5 million takeover bid, a person familiar with the matter said Monday.
"No one is entertaining the idea of a higher offer," the person said.
Carlyle and Macquarie on Friday increased their offer for Redflex to a minimum price of A$2.75 a share, up from the original offer of A$2.70 that was conditional on the Australian dollar remaining between US$0.98 and US$1.02.
Interests associated with Redflex's former Chairman Chris Cooper hold 11.1% of the company. Carlyle Group and Macquarie are the two largest shareholders with 12% stakes.
The bid's failure is "disappointing", a spokeswoman for Carlyle said. A Macquarie spokeswoman declined to comment and Redflex spokespeople weren't available for comment.
Redflex shares, now in a trading halt, last traded at A$2.61 each.
They were worth A$1.535 before the company announced in June, 2010 that it had received an informal, non-binding takeover approach from Macquarie at A$2.50 a share.
In February, Redflex's board revealed and urged the company's shareholders to accept the A$2.70 a share joint bid by Macquarie and Carlyle.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com
END) Dow Jones Newswires
May 08, 2011 23:14 ET (03:14 GMT)
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