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re: takeover moves....

  1. 119 Posts.
    Look who's buying into Repco

    Colin Kruger and Scott Rochfort
    September 6, 2006

    SPECULATION that auto parts distributor Repco is about to become the target of a takeover bid appeared to be confirmed yesterday when a familiar name appeared on the stockmarket straggler's share register.
    Archer Capital, the same private equity firm that took Repco public less than three years ago - making a 500 per cent return on its investment in the process - confirmed yesterday that an associated company acquired 6.5 per cent of Repco in three weeks.
    James Carnegie, a partner at Archer Capital, refused to comment yesterday on whether the firm planned to take Repco private again, or if it had contacted the company's management.
    Archer was part of a consortium that acquired Repco from Pacific Dunlop in 2001 and listed it two years later, converting Archer's $30 million investment into $165.5 million when it sold out in the public offering.
    Investors that acquired shares in the company when it listed in November 2003 have not fared as well.
    The stock, which listed at $2.65 a share, was being acquired by Archer last month at less than a dollar each following a disastrous string of profit downgrades and management changes.
    This led to the company crying out for a white knight in June this year when it announced a strategic review.
    Archer may not be the only potential white knight to have answered the call.
    Singaporean businessman Rakesh Tulshyan started snapping up shares in June and emerged with a 5.4 per cent stake in Repco last month.
    He is also listed as a top 20 shareholder in Super Cheap Auto group, which fuelled rumours that the two businesses may merge.
    "Unfortunately I cannot comment on this," Mr Tulshyan said yesterday from the offices of his Singapore ship business. "I invest in several companies in many countries, this is only one of my investments".
    When asked if he was linked in any way with Archer Capital, Mr Tulshyan declined to comment further.
    Repco chief executive Graeme Yeomans was also keeping quiet yesterday.
    "We just won't pass comment anyway or the other," he said.
    "What you find with public companies is that there's speculation with everything. Every possible thing people can talk about.
    "My job is to run the company successfully and get on with it."
    Mr Yeomans started at the company in July this year, one month after Repco issued its second profit warning in as many months.
    Repco's board said at the time that it was continuing to evaluate Repco's strategic options, "including opportunities for industry consolidation".
    Repco shares have jumped by 20 per cent since last Friday - when Archer last reported acquiring shares - to close at $1.36 yesterday
 
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