Stockbroker Morgans has traded a 19.9 per cent stake in takeover target HRL Holdings, in what appears to be a defensive mood by its suitor ALS Ltd.
Fingers were pointing to ALS Ltd as the most likely buyer, given its appetite for the company.
The much larger ALS is in due diligence to acquire HRL Holdings after making an indicative bid at 16¢ a share.The bid was made at the end of May and ALS and HRL signed a process deed to commence a period of exclusive due diligence on June 7.About 99 million HRL Holdings shares crossed in pre-market trade on Wednesday morning. The most likely sellers were fund managers Perennial Value and Richmond Hill Capital, who are HRL Holdings’ two biggest shareholders.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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