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Chemical Week Magazine :: Business & Finance :: Asia/Pacific
Orica Rejects Private Equity Bid
1:56 PM MDT | July 25, 2007 | Ian Young
Orica, the biggest producer of explosives, says it has rejected a A$9.95-billion ($8.3 billion) takeover bid from a consortium of private equity capital companies. â€śThe board of Orica has carefully considered the consortiumâ€™s proposal and believes that it significantly undervalues Orica and its growth prospects,â€ť says Orica chairman Don Mercer. The private equity firms bidding for Orica are Bain Capital, Blackstone, Pacific Equity Partners, and Morgan Stanley Principal Investments. Their joint cash bid of A$32/share sent Oricaâ€™s stock soaring from a...
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