Bid

After speculations about a takeover, the Australian industrial services firm Spotless Group (SPT) confirmed that the buyout firm Pacific Equity Partners offered a $698 million takeover proposal but said its directors felt that the offer was too low.

SABMiller's attempt to force a review of takeover target Foster's (ASX:FGL) financial statements was quashed yesterday by the country's takeover panel. The panel said "there was no reasonable prospect that it would make a declaration of unacceptable circumstances in relation to the financial objectives statements."

Macarthur Coal (ASX:MCC) has passed on Peabody-Arcelor's joint $4.9 billion or $16 per share bid to shareholders after failing to find a better offer. The move is taken to mean that the coal miner is not expecting a higher bid, good news for US-based Peabody, who has been eyeing Macarthur for more than a year.

Peabody-Arcelor has pushed out Anglo American, previously seen as the most likely rival to PEAM Coal.

After Macarthur Coal (ASX:MCC) quashed the joint Peabody Energy and ArcelorMittal bid, Peabody is now going directly to the miner's shareholders.

Peabody had done due diligence before laying its $16 a share offer on the table, pending a signed bid implementation agreement (BIA) from Macarthur. The miner, however, declined the BIA, saying it would prevent the company from seeking higher bids.

Santos (ASX:STO) has offered $730 million for Eastern Star Gas in a takeover bid that makes it the top major player in NSW's coal seam gas sector.

Electricity retailer TruEnergy will pay $284 million for 20 percent of Eastern Star's assets when the deal is finished. After yesterday's offer that values Eastern Star at 90 cents per share or $924 million, shares rose by 41.18 percent to 84 cents. Santos shares dipped 3.7 percent lower at $12.74.

National Australia Bank's (ASX:NAB) is waiting to put an indicative bid for the 632 Lloyds Banking Group branches up for sale. NAB did not want to cave in to pressure when the bid process was stepped up.

Lloyd's chief executive Antonio Horta-Osorio set a Monday deadline for indicative bids, stunning potential bidders. The date was much earlier than expected for the deal that could reach $4.8 billion.

After Foster's (ASX:FGL) shot down SAB Miller's $9.5 billion takeover bid, persistent SAB is going to continue talks with the brewer's board. SAB Miller offered $4.90 per Foster's share, which Foster's said significantly undervalued the company.

“The board of Foster’s believes the proposal significantly undervalues the company in the context of a change of control and, as such, it does not intend to take any further action,” said Foster's group.

Foster's (ASX:FGL) turned down an unsolicited conditional proposal of $4.90 per share in cash by SABMiller, which is an 8 percent premium from the company's last trading price of $4.53. The group says the offer is undervalued stating that "The board of Foster's believes that the proposal significantly undervalues the company in the context of a change of control and, as such, it does not intend to take any further action in relation to it."

Fairfax (ASX:FXJ) has quashed the bids for its major assets from a group of Melbourne families led by Ron Walker. Walker made an informal pitch to buy The Age newspaper and radio station 3AW but the company's board swiftly put a stop to the talks.

On the tail of the terminated takeover of BC Iron (ASX:BCI) by BC Iron, KPMG Corporate Finance has released a report saying that Regent's offer undervalued the junior miner. The Perth-based miner released the report after pressure from investors.