AUSTRALIA: ALH receives no bid to rival Woolworths
The pub-owner Australian Leisure and Hospitality Group hasn't received any further bids after last week's hostile A$969m offer from Woolworths and businessman Bruce Mathieson.
Chief executive Geoff Rankin said: "We have not had any approaches, but we continue to look at various options to increase value for our ALH shareholders."
There has been some speculation that Woolworth's rival supermarket-owner to Coles Myer may consider a bid.
When Woolworths launched its bid last week, analyst were surprised that it was so low. And, Rankin told reporters during a teleconference call that the offer of A$2.75 a share via their joint venture company Bruandwo Pty Ltd. was "clearly not enough."
"The offer that has been put forward by Bruandwo is inadequate and we'll address our view of the value in our target statement, which will come out in some weeks times," said Rankin.
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