Pacific Equity Partners' Bradken bid hits bedrock

The bid for Bradken failed because the price offered was too high and the suitors couldn't get bank finance at the right terms.

Pacific Equity Partners’ proposed bid for mining services group Bradken ultimately failed because at $5.10 a share it had too high a price on the table, and ­accordingly couldn’t get the right financial terms from lenders.

The asking price was well ahead of the market before yesterday at $4.11 a share but down on the $6 a share proposed last Aug­ust -- which tells you something about the market confidence in the mining services sector.


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