Activism
Premier Investments seeks Coles Group bid disclosure
Coles Group’s major
shareholder is suing the Australian retailer in an attempt to gain access to
documents concerning a A$15.5 per share bid for the company from
Kohlberg Kravis Roberts (KKR).
Coles responded by stating Premier Investments’ suit had no foundation and
access to documents is not being sought for a proper purpose as required by the
corporations act. Coles also suggested the proceedings were at odds with a
previous statement by Sir Ron Brierly, Premier chairman, who it quoted as having
said, “the Coles board had done the right thing by not putting the … KKR
proposal before shareholders”.
Coles added it had provided clear and consistent information to the market,
and would not release further confidential and commercially sensitive
information on a selective basis.
Premier’s major shareholder is controlled by Solomon Lew, a former Coles
director, and Coles linked his criticism of the company to his failure to be
re-elected to the board four years ago.
Links
Coles Group
Kohlberg Kravis Roberts
January, 2007 |
