Advertisement
U.S. markets closed
  • S&P 500

    5,137.08
    +40.81 (+0.80%)
     
  • Dow 30

    39,087.38
    +90.98 (+0.23%)
     
  • Nasdaq

    16,274.94
    +183.04 (+1.14%)
     
  • Russell 2000

    2,076.39
    +21.55 (+1.05%)
     
  • Crude Oil

    79.81
    -0.16 (-0.20%)
     
  • Gold

    2,091.60
    -4.10 (-0.20%)
     
  • Silver

    23.34
    -0.02 (-0.08%)
     
  • EUR/USD

    1.0842
    +0.0035 (+0.33%)
     
  • 10-Yr Bond

    4.1800
    -0.0720 (-1.69%)
     
  • GBP/USD

    1.2654
    +0.0027 (+0.22%)
     
  • USD/JPY

    150.0330
    +0.0490 (+0.03%)
     
  • Bitcoin USD

    63,172.80
    +1,229.84 (+1.99%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,682.50
    +52.48 (+0.69%)
     
  • Nikkei 225

    39,910.82
    +744.62 (+1.90%)
     

Australia's Bradken says mulling $731 mln bid from Bain, PEP

SYDNEY, Dec 5 (Reuters) - Australian mining products maker Bradken Ltd said on Friday it is considering an A$872 million ($730.56 million) takeover proposal from buyout firms Pacific Equity Partners and Bain Capital.

In a statement to the Australian Securities Exchange, Bradken said the private equity giants made the offer after making an initial A$1 billion approach in August, which never led to a firm offer.

The new A$5.10 per share offer comes as mining services companies rush to pare their exposure to the sector, which is slashing spending to offset a sharp decline in commodities prices. Bradken's shares last closed at A$3.32, a one-third discount to their Aug. 14 close.

PEP and Bain made the revised offer "at a low point in the mining cycle during a time of significant share price volatility in the broader mining services sector," Bradken said in the statement.

Its board is reviewing the lower proposal with its advisors Merrill Lynch & Co Inc and Rothschild, Bradken added.

(1 US dollar = 1.1936 Australian dollar) (Reporting by Byron Kaye; Editing by Chris Reese and Alan Crosby)

Advertisement