Already a subscriber?Fund managers are hoping a new wave of buyout bids sweeping the ASX could prove a saving grace for some of the bourse’s still-burgeoning comeback stories.
The stock had been trading 16.5 per cent lower than when it demerged from GrainCorp in April 2020 in the lead-up to the takeover offer from France’s Malteries Soufflet. It just last month received a $1.9 billion takeover offer from Seven Group for the remaining 28.4 per cent it doesn’t already own to bring the concrete producer inside the diversified industrials group.. The stock had more than halved in value from the peak in mid-2021 to as low as $2.49 towards the end of 2022. It last traded at $6.17.
that Mr Griffin owns in the fund that could also be ripe for a suitor having already been a target in 2022. The stock has slumped more than 25 per cent in the past year.Private equity firm Potentia Capital lobbed a bid for the payments company in 2022 but the nearly $1 billion deal fell over in May last year.
Source: News Formal (newsformal.com)
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