Bid made for Borders Australia
21.09.07 | Philip Jones
Private equity firm Pacific Equity Partners has lodged an indicative offer for the Australian and New Zealand businesses of bookseller Borders Group, reports Reuters, in a deal expected to be worth more than A$100 million ($87m).
The source familiar with the situation told Reuters that PEP lodged its offer through its A&R Whitcoulls unit, which runs the local, 180-store Angus & Roberston book chain. It has started due diligence, which is expected to take four to five weeks, the source said. PEP is one of several likely bidders for the 24 Borders' bookstores, though no decision on a sale is expected until November. The sale is being handled by sale advisors KPMG.