is the kkr bid withdrawn "Coles Myer takeover bid withdrawn4:23...

is the kkr bid withdrawn "Coles Myer takeover bid withdrawn
4:23 PM October 19

An offshore takeover bid for retailer Coles Myer has been abandoned.

A consortium led by the US-based Kohlberg Kravis Roberts had first approached Coles Myer in August.

Late yesterday it made a revised offer of $15.25 a share, valuing the retailer at $18.2 billion.

But it threatened to pull out of the deal if it did not gain the support of the Coles Myer board by Monday morning.

However, the consortium has now decided to withdraw the takeover proposal without waiting any longer.

Source: ABC "