Juicy U.S. Navy awards like T-AGOS contract are seen by some as making Austal a tempting takeover goal [Image: Austal]
Back on June 6, Australian shipbuilder Austal Limited, which is, after all, the father or mother of Mobile, Ala., based mostly Austal USA, revealed a stock exchange announcement saying:
“Austal Limited (Austal) (ASX: ASB) refers to latest media hypothesis relating to potential company exercise involving Austal.
“Austal is repeatedly concerned in discussions with potential events regarding strategic initiatives to create worth for its shareholders. While discussions might happen every now and then, there may be no certainty that any alternative will proceed.
“Austal will hold shareholders knowledgeable in accordance with its steady disclosure obligations.
“This ASX announcement has been approved and authorized for release by Paddy Gregg, Austal Limited’s Chief Executive Officer.”
So what’s that each one about? Presumably tales within the Australian monetary media saying that Austal Limited is a take-over goal, and that the cherry on prime of the sundae is Austal USA and its rising portfolio of U.S. Navy enterprise, together with its latest T-AGOS award with a $3 billion plus potential.
The media hypothesis appeared to began by the Australian Financial Review (AFR) which mentioned on June 5 that Austal Limited had introduced in JP Morgan and Perth-headquartered company advisory Poynton Stavrianou because it thought of approaches from suitors interested in taking the company private
Since then, the AFR and different monetary media have run a string of tales naming potential suitors which have included JF Lehman, Cerberus Capital Management, Arlington Capital Partners, and most not too long ago Korea’s Hanwha Ocean. All of those tales include phrases like “it is understood that” and identify no checkable sources.
None of this has harm the costs of Austal Limited’s inventory, which on May 18 stood at AUD 1.63 and immediately reached AUD 2.79.
Stay tuned.
.
