Q&A... Robin Bishop on Coles/Wesfarmers
Macqurie's Robin Bishop answers Business Spectator's questions on what happened behind the scenes of Wesfarmers' takeover of Coles.
Robin Bishop led the Macquarie team co-advising Wesfarmers with Gresham Partners. Other key roles were played by Tim Joyce, David Mustow and Anita Healy. The team, mostly around six members, expanded to up to 40 when the consortium proposal – dubbed Colorado - was being worked on.
He replied to these emailed questions sent by Business Spectator.
With the late withdrawal of your private equity partners, just how close was this deal to falling over?
Not very close. Wesfarmers had spent considerable time ensuring they could progress with the bid if the private equity partners could not support the bid.
Was the credit squeeze the biggest obstacle to this deal?
Yes, particularly in terms of its impact on the equity markets and on Wesfarmers share price.
Do you think you would have got this over the line had the markets not been so frustrated with Coles management.?
Yes, I was very confident that Wesfarmers had the winning formula - they had the pre-bid stake, offering roll-over relief, Australian-owned, great reputation as managers of assets, etc.
What has been the most satisfying aspect of this deal for you?
The most satisfying aspect is going to be the vote today.
Will this be your biggest pay cheque from an M&A transaction? How much will you receive?
No comment
What's the pipeline of deals looking like?
Solid, notwithstanding the volatility in the equity markets and issues remaining in the debt markets.
Should all advisors involved in the transaction - bidder and target – be credited in the M&A league tables?
Indifferent, either way.
If you weren't in M&A, what would you be doing?
Getting more sleep.
He replied to these emailed questions sent by Business Spectator.
With the late withdrawal of your private equity partners, just how close was this deal to falling over?
Not very close. Wesfarmers had spent considerable time ensuring they could progress with the bid if the private equity partners could not support the bid.
Was the credit squeeze the biggest obstacle to this deal?
Yes, particularly in terms of its impact on the equity markets and on Wesfarmers share price.
Do you think you would have got this over the line had the markets not been so frustrated with Coles management.?
Yes, I was very confident that Wesfarmers had the winning formula - they had the pre-bid stake, offering roll-over relief, Australian-owned, great reputation as managers of assets, etc.
What has been the most satisfying aspect of this deal for you?
The most satisfying aspect is going to be the vote today.
Will this be your biggest pay cheque from an M&A transaction? How much will you receive?
No comment
What's the pipeline of deals looking like?
Solid, notwithstanding the volatility in the equity markets and issues remaining in the debt markets.
Should all advisors involved in the transaction - bidder and target – be credited in the M&A league tables?
Indifferent, either way.
If you weren't in M&A, what would you be doing?
Getting more sleep.
Share this article and show your support
Call 1300 880 160
Start a chat
Schedule a call
