Curiously, the bid is a discount to Best & Less’s last traded price of $1.98 a share, but has found willing takers in Allegro and Murray.
We guess it shows what can happen when a PE investor is out of escrow, but the stock is miles away from its IPO price. But tomorrow should be an interesting day as minority shareholder weigh the bid.
The global credit giant and its local joint venture partner are understood to be in discussions to finance the long-awaited bid even as price talks drag on.
The pitch said the group would look to make 6.7 per cent initial yield and 7.2 per cent yield on a full-leased basis, with hopes of hitting 11 per cent in the fifth year.
