Coates Hire, Australia’s biggest machinery rental company, received a revised A$1.6bn ($1.3bn) takeover offer, just days after rejecting bids as too low, reports Bloomberg. Coates, which put itself up for sale in May, was offered A$6.29 a share, a 13 per cent premium to Tuesday’s closing price, and may comment on the proposal later Wednesday, the company said, without naming the bidder. However, local media reported that Carlyle Group and National Hire, a smaller rival of Coates backed by billionaire Kerry Stokes, were behind the revised offer.

This entry was posted by Gwen Robinson on Wednesday, September 5th, 2007 at 5:39 and is filed under Capital markets, M&A, Private equity. Tagged with carlyle, Coates Hire, National Hire. Edit this entry.