(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)
Copyright (c) 2011 Dow Jones & Company, Inc.
http://www.morningstar.co.uk/uk/markets/newsfeeditem.aspx?id=138501958347639
No comments:
Post a Comment