Baycorp seeking alternative to Allco
(14 September 2005 – Australia) Credit information company Baycorp Advantage is hunting an alternative offer to thwart Allco Equity Partners’ attempt to take over the company.
Baycorp chairman Glenn Barnes said the company was in discussions with several parties in a bid to arrive at a more favourable deal than the one offered by Allco in July, which was described as "inadequate and complex".
"At this stage, the independent directors have not received a commitment from another party to make an alternative offer for the company and we are unable to say whether an alternative offer will be made by Friday, when AEP’s offer is scheduled to close", Barnes said.
He also accused Allco of not disclosing any details of their plans for the company and that Baycorp shareholders had sent a "clear message" that they were not interested in the deal.
Allco tabled $470 million and $3.50 per share for the 50 percent of shares it doesn’t currently own. Baycorp recommended its shareholder reject the deal.
Barnes said the company was performing strongly due to the changes made by the current leadership over the past two years.
"We have a clear vision for the business and we are now very focussed on progressing our detailed plans and initiatives to deliver future value to shareholders and accelerate growth," he said.
"At this stage, the independent directors have not received a commitment from another party to make an alternative offer for the company and we are unable to say whether an alternative offer will be made by Friday, when AEP’s offer is scheduled to close", Barnes said.
He also accused Allco of not disclosing any details of their plans for the company and that Baycorp shareholders had sent a "clear message" that they were not interested in the deal.
Allco tabled $470 million and $3.50 per share for the 50 percent of shares it doesn’t currently own. Baycorp recommended its shareholder reject the deal.
Barnes said the company was performing strongly due to the changes made by the current leadership over the past two years.
"We have a clear vision for the business and we are now very focussed on progressing our detailed plans and initiatives to deliver future value to shareholders and accelerate growth," he said.
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