Promentum fields $100m offer from mystery bidder

Promentum, the country's largest sheetfed printing company, called a halt to the trading of its shares on the stock market while it considered an offer of in excess of $2.15 per share. It released a statement to the ASX today confirming it was in receipt of the offer, which it describes as “confidential, conditional in nature and subject to further due diligence.” The company’s shares were trading at $1.93 this morning.

The Promentum board and management are going to have to cancel Christmas as they pore over the offer, clarifying and working through the issues, which they expect to complete over the next two weeks. On finalising the bid Promentum is expected to merge with the preferred bidder by way of a Scheme of Arrangement.

Speculation is rife as to the makeup of the bidder with most industry analysts suggesting a combination of PE and an established industry player. However there are reports that a number of industry players are proposing opposing PE-backed bids for one another. It's a free for all.

It certainly makes an interesting inauguration for Promentum’s new managing director, Ian Parker, who only took the chair last week.

But it appears we will have to wait until the New Year to find out what it’s all about.