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No word out there as to what happened after the BGC Contracting...

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    No word out there as to what happened after the BGC Contracting deadline was crossed last Monday .

    .....“Apparently, the deadline for expressions of interest, or indicative bids, is June 10.
    The frontrunner is expected to be NRW Holdings, which is believed to have asked its investors for views of a capital raising to buy the operation and is planning to put forward an offer, as is the listed engineering and construction firm CIMIC and Ausdrill, and possibly Macmahon Holdings...”


    The eager buyers?
    Apparently Macmahon is interested in expanding into more underground operations - if the prognosis given in today’s update (June 12 ) is correct. In fact the update talks only of the acquisition discussions with GBF
    (Macmahon Holdings:Tellfer Contract, Business Update and FY20 outlook.)
    Acquisition discussions with GBF Underground Mining group now well advanced
     No capital raising planned in the foreseeable future


    CIMIC has been a bit low profile recently but it does like buying things

    Ausdrill’s been at boot camp according to the press last week and will be there a while longer ...although that doesn’t mean it wouldn’t try to buy BGC Contracting ;
    Mining services provider Ausdrill has flagged a writedown of up to $95 million in its annual results....”https://thewest.com.au/business/min...drill-flags-75m-95m-impairment-ng-b881222852z
    ... “The West Australian mining services provider said yesterday it would take a non-cash impairment of $75 million-$95m at the end of the financial year as it writes down the value of old inventory and plant and equipment.https://www.theaustralian.com.au/business/companies/ausdrill-to-write-off-assets-as-part-of-cleanup/news-story/6750005dac00b37e18c2e43f6c175e73

    I can’t discover anything about the ‘at least two private equity firms or ‘more than one other industry player’




    WHEN ?
    Possibly news of the winning bid or bids will be revealed next financial year?
    Unless the heirs intend to close a sale before the end of this one as according to The Australian, under the will, shares in BGC and other companies are being held for the family members in five trusts that are due to vest next year and the family is very eager *
    According to The West Australian, the vesting date is June 3o, 2019 https://thewest.com.au/business/con...ridges-billions-a-family-affair-ng-b88847117z


    Here’s the Australian’s view from May 24, 2018 :
    Len Buckeridge heirs to sell BGC empire
    “The heirs of construction tycoon Len Buckeridge have taken the extraordinary decision to sell the sprawling BGC empire he founded more than 50 years ago, as part of an agreement to end a long-running legal war over the $2.5 billion estate.

    The complex litigation involving 22 parties split one of Australia’s wealthiest families, with some members objecting to being left shares in BGC rather than cash.

    It is understood that BGC – one of the nation’s biggest private companies with about 4500 employees – will announce later today in Perth that the business will be sold, either as a whole entity or in separate parts.

    The family will announce that they have agreed to amend Buckeridge’s will to ensure all members receive what they are entitled to.

    The BGC board will soon appoint three independent non-executive directors to begin a sale process.

    This could involve a single buyer or multiple buyers.

    BGC was founded by Buckeridge in Perth in the 1960s and is controlled by his two eldest sons, Sam and Andrew, who are also executors of his will.

    Its operations include residential and commercial building, construction materials manufacturing, contract mining, civil engineering, heavy haulage and property ownership and management.

    But BGC’s ownership has been under a cloud since Buckeridge died in 2014, aged 77, leaving a will that stipulated how his empire should be split among his six children, eight grandchildren, his de facto partner and his former wife.

    Under the will, shares in BGC and other companies are being held for the family members in five trusts that are due to vest next year.

    Two of Buckeridge’s adult daughters, Rachel and Lise, claimed their share of his estate, worth about $90 million each, should be paid to them in cash rather than as BGC shares which cannot be easily sold.

    Two of his Sydney-based teenage granddaughters joined the legal action, arguing the will failed to make “adequate provision” to ensure they receive the $90m being held in trust for them.


    ANDREW BURRELL
    WA CHIEF REPORTER
    Last edited by sabine: 13/06/19
 
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