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Chemical Week Magazine :: Business & Finance :: Asia/Pacific

Orica Rejects Private Equity Bid

1:44 PM MDT | April 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. “The board of Orica has carefully considered the consortium’s proposal and believes that it significantly undervalues Orica and its growth prospects,” 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 Orica’s stock soaring from a...

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