Thursday, October 19, 2006

Coles Rejects Bid

Coles have released an announcement that the KKR consortium had approached
Coles Myer after the close of trading with a revised bid of $15.25.
The board considered and rejected on the grounds that the bid was subject
to due diligence and other conditions, and that shareholders would be best
served if the company pursued its own growth strategy.

Personally I think they were acting in their own interests ....

The company said that KKR had indicated that this was its final bid and
that KKR would withdraw its bid if it did not gain Coles Myer board
approval by 23rd October.

Coles has dropped significantly since this news was released. It was down
$1.33 just before close of trading today.

Good Luck Investing.

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