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Carlyle reportedly has AUS$1.5bn offer for Coates Hire rejected30/08/2007. Source: AltAssets. 
 Investors including The Carlyle Group have had an AUS$1.5bn offer for Australian construction equipment rental firm Coates Hire rejected because the price was too low, according to various reports. The private equity business, which made the bid in partnership with Australian equipment hire company National Hire.
'The Coates board of directors has rejected offers from third parties on the basis of valuation and the company will continue to pursue its own growth and strategic initiatives,' Coates said in its 2006/07 Full Year Results statement to the Australian Stock Exchange.
'The board has determined that the proposals received from interested third parties are not at an appropriate value to justify recommendation and accordingly failed on price,' it added.
According to Bloomberg, Carlyle and National Hire, which is backed by Australian billionaire Kerry Stokes, had been preparing to borrow AUS$1.9bn to finance the deal to buy Coates Hire.
Copyright © 2007 AltAssets
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