Investors support Metcash bid for Home Timber & Hardware

 In Australia, Hardware, Metcash/IGA, NewZealand, Woolworths
Metcash has been in talks over the potential acquisition of Woolworths’ Home Timber & Hardware for more than six months, sources close to the listed wholesaler say.
Talk that Metcash was running the rule over the Home Timber & Hardware business emerged months ago but the wholesaler would not comment on claims it was in talks with Australia’s biggest supermarket chain.
Metcash has been working with corporate adviser Luminis Partners and sources close to the wholesaler say it used a "third party" to reach out to Woolworths as long ago as the middle of 2015, but the supermarket chain told Metcash it was "too early" for any discussions.
Woolworths’ decision to abandon home improvement and pull down the shutters on its loss-making Masters business earlier in January intensified speculation over the probable fate of the Danks-supplied Home Timber & Hardware business.


The Age – Read more…

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