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PAS Group sees off takeover

ReviewPAS Group, which owns a portfolio of brands including Metalicus and Review, has seen off a $86 million takeover bid from US hedge fund, Coliseum Capital Partners

On September 22, a takeover bid was launched for the ASX-listed company, through Australia Brands Investment (ABI) which is owned by Coliseum Capital Partners.

The PAS Group board recommended shareholders vote against a takeover bid, arguing it undervalues the company.

Coliseum built up a 19.23 per cent shareholding before launching the bid and throughout the process acquired an additional 35.4 million shares, representing 25.9 per cent of the company.

Coliseum’s shareholding in the PAS Group totalled 45.8 per cent yesterday when the offered closed.

PAS chairman, Rod Walker, said he was looking forward to working more closely with Coliseum as a key shareholder.

“Coliseum recognise the value potential in PAS’s stable of strong retail brands,” Walker said.

“Since Coliseum became a shareholder in December 2014, they have been extremely supportive of our operations, strategy and management team. We believe that PAS will benefit from Coliseum’s significant experience and extensive network of industry contacts. We look forward to working more closely with them as a key shareholder.”

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