CVC Capital Partners is considering a bid for Australian pallet-pooling services company Brambles Ltd. Shares of Brambles surged by a record.
The private equity firm has had early discussions with the company following an unsolicited offer to acquire all its shares, Brambles said on Monday, adding it’s also considering other strategic options. CVC plans to make a formal indication of interest to Brambles soon, said a person familiar with the matter, who asked not to be named as they were not authorized to speak publicly.
Brambles jumped as much as 13% in early trading in Sydney, its biggest intraday advance ever, giving the company a market valuation of about A$16.6 billion ($11.5 billion). The company was valued at about $10.4 billion at Friday close.
Read more: BNN Bloomberg
