Becton Property Group ponders acquisition offers
Becton Property Group has entered into a due diligence process with several parties interested in either acquiring or recapitalising the Melbourne-based business.
This follows the receipt of a “number of incomplete and conditional proposals from industry relating to the recapitalisation or acquisition (in whole or in part)” of Becton, according to a company media release.
Key objectives of the due diligence process include strengthening Becton’s capital structure and reducing the gap between its underlying net asset value and the current market trading price, the statement said.
It cautioned there was no guarantee the due diligence would result in any specific transaction and said business operations would continue as normal during the process.
The company said in the nine months to September 30 it had “reduced debt and other obligations by $275 million to $562 million” and that debt reduction “remains our focus”.
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