Hardware retailer Mitre 10 might just not be too into the grocery wholesaler Metcash's bid after all, as the firm is considering takeover offers from other interested parties as well, as was recently confirmed by the company. Chief Executive of Mitre 10, Mark Burrowes has shared that Metcash's bid "comes after several months of discussions with Metcash and other interested parties’’.
According to the company, it will not agree to an offer just based on money, but is looking for the "most appropriate partner" to make sure that the group keeps growing and remains Australia's "only truly independent national hardware network".
Metcash has admitted that it is very keen on the Mitre acquisition as it will let it become "the champion of independent hardware retailers". The conditional proposal which the bidder has submitted calls for an initial interest in 50.1% of Mitre, with the potential for a 100% acquisition by 2012 or 2013. And while many experts are of the opinion that this is an amazing opportunity, Mitre
10 wants to explore all possibilities before settling on one.
"We are expecting a number of formal proposals from interested parties by close of business today and Mitre 10 will make further comment once the board of directors has fully evaluated all proposals", said Mr. Burrowes.
Metcash's biggest rival Woolworths is also in the run to takeover Mitre 10.