West Perth-based managed investment scheme Great Southern Ltd has received a preliminary expression of interest in a takeover bid from an undisclosed source, the company announced today.
West Perth-based managed investment scheme Great Southern Ltd has received a preliminary expression of interest in a takeover bid from an undisclosed source, the company announced today.
West Perth-based managed investment scheme Great Southern Ltd has received a preliminary expression of interest in a takeover bid from an undisclosed source, the company announced today.
The board announced it planned on engaging in further discussions on this matter, while there was no certainty that any definitive proposal would be received in the future.
The bid comes just over a week after Victoria-based MIS Timbercorp Ltd announced it too had been approached by companies exploring an acquisition, an announcement that pushed Timbercorp's share price up 11 per cent, and Great Southern's up 5.5 per cent to $2.50.
Great Southern shares were up 6.8 per cent to $2.67 at close of trade today.
The full text of a company announcement is pasted below
Great Southern Limited (ASX: GTP) advises that over the weekend the company received a preliminary, non-binding and incomplete expression of interest from a party interested in exploring a transaction involving the future ownership of the company. Consistent with its continuous disclosure obligations and on the basis that the Board intends engaging in further discussions on this matter, the Board considers it appropriate to draw the receipt of this expression of interest to the attention of shareholders.
There is currently no proposal capable of being recommended by the Board or putting to shareholders for their consideration. There is no certainty that any definitive proposal will be received at any future time. Shareholders should be cautious about drawing any inference about whether any definitive proposal will eventuate or the possible pricing of any definitive proposal.
Macquarie Bank is acting as advisor to the company.
GTP will keep shareholders informed of any material developments.