Oz Retail Giant Rejects US Bid

07 September 2006

SYDNEY: Australia's second largest retailer Coles Myer has dismissed as "opportunistic" a A$17 billion ($13.05bn; €10.1bn; £6.9bn) bid from a consortium led by US private equity firm Kohlberg Kravis Roberts [WAMN: 24-Aug-06].

Company chairman Rick Allert says the bid "substantially undervalues" the business and offers no guarantees on any aspect of the deal.

Coles has more than 3,000 supermarkets, liquor outlets and petrol stations across Australia and earlier this year sold its Myer department stores for A$1.4bn to a consortium led by another private equity firm.

Data sourced from Financial Times online; additional content by WARC staff