Allco Fails in Hostile Bid for Baycorp

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00001382-allco-fails-in-hostile-bid-for-baycorp/

By Brendan Swift, AAP

Allco Equity Partners Ltd (AEP) has failed in its takeover bid for credit data provider Baycorp Advantage Ltd but will maintain its substantial shareholding.

AEP, which first launched its hostile takeover bid in July, received no further acceptances after building an initial 17 per cent stake in the company.

But AEP managing director Peter Yates said the outcome was in line with the investment firm’s corporate activist role.

“The capital return is a key element of our plan to restructure the company’s capital to support our growth strategy and lower the company’s cost of capital,” Mr Barnes said.

However, Mr Yates said AEP expects to see further capital returned, particularly once the debt collection business is sold or restructured.

For this complete story, please visit Allco Fails in Hostile Bid for Baycorp.

Allco Fails in Hostile Bid for Baycorp

Unknown Author

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