SeaLink Travel knocks back takeover bid
Speculation is mounting that Quadrant Private Equity could be the party behind a rejected, $482m offer for SeaLink Travel.
Speculation is mounting that Quadrant Private Equity could be the party that lobbed a rejected, $482 million offer for SeaLink Travel Group.
Another potential buyer could be NRMA, which recently purchased the Manly Fast Ferry and already has a 6 per cent interest in SeaLink shares.
The ferry operator (SLK) told the Australian Securities Exchange that it had received an unsolicited, confidential, indicative and non-binding proposal from a party expressing interest in a transaction which would result in a change of control of the company.
The proposal was for all of the group and $4.75 was offered per share.
SeaLink said it had rejected the bid, which was subsequently withdrawn.
Shares in the company closed almost 10 per cent higher to $4.19 after news of the rebuffed takeover bid.
Sources are pointing to Quadrant because it is one of the only groups that has been amassing assets in the marine sector.
It purchased Cruise Whitsundays in 2016 — the biggest ferry and cruise operator in North Queensland, carrying about 700,000 passengers a year — and Perth-based ferry operator Rottnest Express.
The move was made to bolster its portfolio of tourism assets, held in a vehicle called Experience Australia Group.
In a statement to the market, SeaLink said its board opted to reject the takeover approach from the unidentified bidder.
“The board carefully considered the proposal together with its financial advisers and unanimously decided to reject it, having concluded that the proposal undervalues SeaLink and that the board would not be in a position to recommend the proposal to its shareholders.”
SeaLink, which is working with Macquarie Capital and Kain Lawyers, recommended that shareholders take no action and added that the board considered SeaLink “well positioned to continue to deliver strong growth”.
The company owns Captain Cook Cruises, Murray River Cruises and Sunferries Townsville.
It has also diversified, managing the Adelaide Central Bus Station, operating the SkyLink Adelaide Airport Shuttle Service and a coach operation.
It also operates ferries in Darwin.
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