Bradken Limited
(ASX:BKN) says its focussed on returning to profitable growth after revealing its suitors have scrapped an $872 million takeover offer launched in December 2014.
The mining services provider and supplier had received the non-binding $5.10 per share bid from funds advised by Pacific Equity Partners and Bain Capital Asia.
Bradken has advised today the recent volatility in global commodity and financing markets has impacted the consortium’s ability to obtain financing on acceptable terms.
As a result the consortium told Bradken it is not is a position to make a binding proposal at this time and both groups have ceased all discussions relating to the deal.
Bradken reported a net profit $21.48 million in the 2014 financial year.
