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SYDNEY - Australian energy infrastructure group Alinta Ltd said today it had not received any new takeover bids since last week's controversial management buyout proposal.
Alinta, whose market value has grown by nearly a quarter in the past week to about A$6.8 billion ($7.8 billion), also said it had given consent to Macquarie Bank Ltd - the firm's corporate adviser on a range of issues - to advise the management buy-out group.
Alinta, which has said Macquarie is considering participating in the offer, added it would terminate all mandates on future advisory work with Macquarie.
Media reports quoted former chief executive Bob Browning, part of the management buy-out group, as saying investment group Babcock & Brown Ltd could launch a counter-bid. But Alinta said it had received no such approach.
"Specifically, Alinta has not received any offer or notice of intention to make an offer from Babcock & Brown," new chairman John Akehurst said in a statement.
Mr Browning resigned as chief executive and stepped down from Alinta's board last week, following investors' concerns of a conflict of interest. Mr Akehurst took over as chairman from John Poynton, who resigned his post to take part in the buyout.
Analysts have said the involvement of the entire top management team in the buyout plan is controversial as the company is still in the throes of a restructuring after October's A$6.8 billion asset swap with fellow utility Australian Gas Light Co.
Controversy also surrounds the role of Macquarie, which has been adviser to the firm and is now advising the buyout team.
Shares in Alinta were up 1.4 per cent at A$13.95 by 0107 GMT and have jumped by almost a quarter since last week on speculation of counterbids.
According to data provider Dealogic, Alinta's management buy-out proposal would be the largest buy-out offer in the Asia Pacific region.
Babcock & Brown said last week it might be interested in any energy infrastructure assets discarded by Alinta as the Perth-based utility considers the management buy-out proposal.
A source familiar with the situation said investment bankers were speaking to a number of potential rival bidders, including Babcock & Brown, although it was still "early days".
Advisers such as Goldman Sachs JBWere were talking to a number of interested parties, but may also consider making its own bid, the source said.
The Australian Financial Review reported Babcock & Brown had teamed up with Goldman Sachs JBWere, Deutsche Bank and UBS to look at a rival bid.
Alinta owns a number of gas-fired power stations, gas transmission pipelines and a lucrative asset management division, which operates and maintains all the distribution and transmission assets.
The company is also about to take full ownership of listed offshoot, Alinta Infrastructure Holdings, which owns a number of gas-fired power stations and gas transmission pipelines.
Alinta said the consent to Macquarie advising the management buy-out group was subject to several conditions. Macquarie will be required to return all information pertaining to its advisory work for Alinta, and Macquarie employees who have had "strategic advisory roles" for Alinta will not be allowed to advise the management buy-out group.
The other executives involved in the buy-out are chief financial officer Stephen Pearce, general counsel Murray King and business development general manager Chris Indermaur.
- REUTERS
