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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