CVC Capital Decides Against Brambles Takeover Due to Market Volatility
17 May 2022 - 10:08AM
Dow Jones News
By Stuart Condie
SYDNEY--Brambles Ltd. said that CVC Capital Partners decided
against making a formal takeover proposal for the pallet supplier
due to what the private-equity firm called external market
volatility.
Brambles on Tuesday said that CVC wouldn't seek detailed due
diligence and that talks between the parties had concluded.
The Australia-listed firm said that its board and management
were focused on Brambles's existing transformation plan. The board
will continue to explore other options to maximize shareholder
value, it added.
Brambles shares jumped to an eight-month high on Monday after
the firm confirmed an unsolicited approach by CVC. Brambles didn't
give any detail with regard to the value of any proposal, which
Australian newspapers reported could be worth about 20 billion
Australian dollars (US$13.94 billion).
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
May 16, 2022 19:53 ET (23:53 GMT)
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