MELBOURNE--Indicative bids for Industrea Ltd.'s (IDL.AU) mining services division, which had revenue in the last financial year of A$169.1 million, are due by the end of the month, The Australian Financial Review reported Monday, without citing a source for the information.
Industrea in mid-May accepted a A$1.27 a share takeover offer from General Electric Co. (GE) that valued its equity at A$470 million. As part of the deal, Industrea was allowed to seek a higher price for the division.
The AFR reported that Industrea, which is being advised by Record Point, is understood to have sent information memorandums to prospective buyers.
The company in late May said it had begun the sale process for the division. If it isn't sold to another company, then it will be retained by GE.
Newspaper website: http://www.afr.com
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