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Coles shares slump after $18bn bid rejected
1points
OLES Myer shares have slumped after the giant grocer rejected an increased takeover offer of $18.2 billion from a consortium of private equity investors, saying it "still substantially undervalued the company and its prospects". The offer of $15.25 per share was an increase of more than 5 per cent over the consortium’s previous bid of $14.50 per share, which valued the company at $17.3 billion.
Source: http://www.theaustralian.news.com.au/story/0,20867,20608136-…
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