Bradken’s takeover offer

Another takeover offer for Bradken takes the tally to five. This one might stick.

For the fifth time since the mining bust, Bradken has received a takeover offer. This one, from Hitachi, values the business at $3.25 per share, a healthy premium to the pre bid price and several times the lows of 50c reached last year.

For the first time, the bid has management attention with the board suggesting shareholders accept the all-cash bid. The prospective price is fair but hardly generous and, given the history of the business, another bid could eventuate.

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