Analyst Research Report Snapshot

Title:

Flash Note – UMW (REDUCE, maintain) - Bidding for Australian based equipment rental company?

Price:

$12.00

Provider:

Affin Investment Bank

Date:

27 May 2013

Pages:

2

Type:

AcrobatPDF

Companies referenced:

UMWS.KL

Available for Immediate Download
Summary:

Newsflow It was reported that UMW is among several companies studying bids for Coates Hire Ltd – Australia’s largest equipment hire company part-owned by Carlyle Group LP. Offers for Coates Hire are due next month, according to sources. The other reported bidders are Wesfarmers, Japanese trading giant Mitsui and hedge fund Apollo Global Management. The owners, who appointed Goldman Sachs to advise on the sale, are seeking more than AUD$3bn (RM8.7bn). Carlyle and Seven Group (controlled by Australian billionaire Kerry Stokes) both own 46% of Coates Hire, which has operations in Australia and Southeast Asia. Coates management holds the rest. In October 2007, Carlyle and National Hire agreed to acquire Coates for A$1.7 billion. This valued Coates at 5x EBITDA and 17x earnings

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