Financial services organisation Thorn Group is believed to be mulling a recapitalisation proposal backed by major shareholder Duncan Saville for one of its divisions.
It is understood that while suitor Consolidated Operations Group submitted a fully funded $82 million bid on Friday for Thorn's trade and debt finance business - up from an earlier tilt of $70 million - it has been rejected by the board in favour of a recapitalisation.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
