Seven Group Holdings has finalized its long-developing takeover of Australia’s National Hire, which includes the country’s largest equipment rental company Coates Hire. This week Elph Pty Ltd., which holds 21.9 percent of National Hire’s stock, accepted Seven Group’s offer, giving the Group 98.7 percent of National Hire’s shares.
The Seven Group will increase its offer from AU$3.35 per share to $3.75 per share, as per its previous statements. Seven Group plans to delist National Hire from the Australian Stock Exchange. According to Australian news reports, Seven Group is likely to then seek to take Coates Hire public again, now that the company is experiencing strong demand in a recovering economy.
