Harvey Norman busy with offer
HARVEY Norman’s Gerry Harvey says he is dealing with “the Rebel thing” after what is believed to have been a $400 million-plus offer for the sporting goods chain.
The retail billionaire would not elaborate yesterday following reports of a $5 a share offer from private equity firm Archer Capital.Rebel, which is in a trading halt, told the Australian Stock Exchange on Monday that it was assessing a proposal “in relation to the future of the company”.
Rebel Sport shares closed at $4.35 on Friday. Any offer would need the blessing of Mr Harvey because Harvey Norman owns 53 per cent of Rebel.
It is unclear whether Archer wants to buy the company outright or whether it has teamed up with Mr Harvey, who is also Rebel’s chairman.
“The Rebel thing is obviously something I’m dealing with,” Mr Harvey told BusinessDaily yesterday.
When asked whether investors would have a clearer picture on Rebel’s future Mr Harvey said: “Hopefully something should come out today (yesterday) . . . but wait and see.”
He would not comment further.
Rebel Sport managing director Stephen Heath was unavailable for comment.
The trading halt on Rebel shares is expected to be lifted today when the stock market opens for business.
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