Australia's APM Human Services in talks for likely deal as CVC Asia's $1.2 bln offer fails

APM Human Services International

02/04/2024 09:09

April 2 (Reuters) - Australia's APM Human Services
 APM.AX  is in talks with various parties regarding a potential
transaction, it said on Tuesday, days after private equity firm
CVC Asia Pacific failed to go ahead with its A$1.83 billion
($1.19 billion) takeover offer.
    The employment services firm, which went on a trading halt
last week after the exclusivity period for CVC Asia Pacific's
proposed takeover bid expired, requested its shares be suspended
from trading.
    APM last traded at A$1.630 per share on March 26 before the
halt.
    APM did not specify if the talks were for a buyout or a
stake sale. It also did not disclose the names of the parties
interested or the proposed transaction values.
    However, a local media report suggested that private equity
firms such as U.S.-based Apollo Global Management and Bain
Capital, among others, could be interested, and added that APM
could still be in talks with CVC Asia Pacific.
    CVC Asia Pacific had initially tabled an offer of A$1.60 per
share for APM that the latter rebuffed, citing that the bid did
not "sufficiently reflect its fundamental value". It later upped
the offer to A$2.00 per share.
    CVC Asia Pacific did not immediately respond to Reuters'
requests for comment. 
   
($1 = 1.5406 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Janane
Venkatraman
)
 ((Rajasik.Mukherjee@thomsonreuters.com;))