good move by the execs and sol driving, page-2

kkr almost certainly will come back P.43 Sydney Morning Herald Saturday today 4/11/06

Lengthy article goes into details of how KKR would run Coles if they acquired control.

Alan Kohler "...what I discovered about the private equity plan for Coles Myer is fascinating". He then goes into substantial detail of how KKR would run Coles Myer. The detail he goes into is so specific that one can only assume he has interviewed one of the KKR team or their advisers...though he doesn't say with whom he spoke.

A.K. "They almost certainly will come back, by the way, and given the anger among institutional investors about the board's rejection of the last approach-another 25c will probably buy them due diligence-the board will be making a brave call to prevent a $16 bid being put to shareholders"

This coupled with Fin Review reporting earlier this week that Solomon Lew will be in contact with shareholders (whether this is all shareholders I don't know) prior to Coles agm on 20 November suggests that a group of shareholders led by Solomon Lew may seek to force CML to provide due diligence as a result of a slightly higher offer of $15.50/share.

Buy now and watch the fun and games play out.


Ajax