Sharechat Logo

Millions for Morrison in sale price

By Nick Stride

Friday 26th May 2000

Text too small?
Entrepreneur Lloyd Morrison will reap at least $20 million if the sale of Morrison & Co to Australia's Macquarie Bank goes through, according to analysts.

The figure depends primarily on what multiple of M & Co's annual management fees Macquarie has agreed to pay.

The purchase of M & Co is contingent on the success of Macquarie's 90Ac-a-share offer for Infratil Australia, one of three listed investment companies M & Co manages.

Analysts say if both deals go ahead Macquarie bids for Infratil New Zealand and Utilico are inevitable at some point.

Macquarie is not commenting on its intentions toward the other two funds.

Nor is it revealing details of its deal to buy M & Co. It will presumably also compensate Mr Morrison and other M & Co staff for the loss of management options on Infratil Australia shares.

The deals might yet be derailed by a counteroffer for Infratil Australia by Hastings Funds Management, manager of the Australian Infrastructure Fund.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite

IRG See IRG research reports