Boom Logistics buyout proposal
By Euan Youdale11 June 2010
Australian crane services provider Boom Logistics has been approached by a private equity company interested in a potential takeover.
Boom Logistics confirmed the "highly conditional, confidential and incomplete proposal" from Archer Capital Ltd to acquire it at 52 Australian cents per share.
"In line with recent market announcements, management are in the process of quantifying the impacts of the improved operating environment and the contract wins on the expected financial performance of the business. Once the outcome of this work is finalised, the board will be in a position to assess any proposal," said a Boom Logistics spokesman.
The announcement from Boom Logistics follows speculation in the press that Archer and McAleese Group Pty Ltd intended to make the same offer. "Boom has not received any proposal from Archer or McAleese since Archer acquired a relevant interest in McAleese's shares," explained the Boom spokesman.