Bid speculation surrounding the Australian retail group Coles Myer Ltd is continuing, with the company’s board due to meet tomorrow.

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Coles Myer, Australia’s second largest retail group after Woolworths, is valued at around A$16bn (US$12bn), and is thought to be an acquisition target for a group of private investment funds.


It has been suggested that Kohlberg Kravis Roberts & Co, the private equity group, has joined with Newbridge Capital, the Asia-Pacific arm of TPG-Newbridge, along with other investors, to bid for the retailer. Some sources have suggested that the Carlyle Group and CVC Asia-Pacific are also involved in the bid.


It has also been reported that the Blackstone Group and Bain Capital are considering bidding for Coles bid should the KKR-led bid founder.


Coles Myer shares have risen by 15% since the company said it had been approached, reaching a record high of A$13.82 on Friday (19 Aug).

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In a statement to the Australian Stock Exchange earlier this month, Australia’s struggling number two grocery chain confirmed that “it had been approached on behalf of parties wishing to hold discussions regarding the company’s ownership.”


The Coles board said that it would consider “any bona fide proposals” but simultaneously emphasised its commitment to the new strategic direction the company is taking.