Coles Myer (CML) said today it had received on Friday a highly conditional proposal regarding the company's ownership from a consortium of leveraged buyout funds. Chairman Mr Rick Allert said that the consortium stated it would only proceed with the proposal if it had the support of the Coles Myer Board. Mr Allert said the Board had met today and appointed Carnegie Wylie & Company, Deutsche Bank and Freehills to advise it in its consideration of the proposal, to which the company would respond in due course. "The Board will undertake proper consideration of the proposal and will not be pressured by market speculation to take actions which would not be in the best interests of shareholders," Mr Allert said. "The Board remains confident that the company’s growth strategy will create significant value for shareholders."
CML Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
