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SYDNEY - Private equity firm Archer Capital has offered about A$400 million ($467 million) to buy Australian sporting goods and clothing retailer Rebel Sport, the Australian Financial Review said yesterday.
Citing no sources, the business daily said Archer Capital would offer about A$5 a share, above the A$4.35 closing price of Rebel's shares on Friday. Rebel's shares were placed on a trading halt on Monday at the company's request.
The paper said Australia-based Archer, a leveraged buyout specialist, wants to merge Rebel with its existing sporting goods business, Amart All Sports. The private equity firm led a management buyout of Amart in 2004.
Rebel Sport is about 52 per cent owned by Harvey Norman Holdings.
Rebel said in July its fourth-quarter sales rose 25.2 per cent as the soccer World Cup contributed to increased sales. Its shares have risen from around A$3.35 at the end of August.
- REUTERS
