AUSTRALIA: Woolworths launches ALH takeover bid
The Australian retailer Woolworhts has launched a hostile A$969m takeover bid for the nation's biggest pubs owner Australian Leisure & Hospitality Group (ALH).
The bid comes from Woolworths joint venture with Bruce Mathieson, Bruandwo Pty. It has been launched a week after Bruandwo acquired a strategic stake in ALH.
Although the move was widely expected, the price being offered is below market expectations.
One analyst was quoted in the press this morning saying: "I think there's absolutely no chance that anyone will accept it; it's miles too low."
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