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The Australian retail group Wesfarmers, which owns the Bunnings DIY chain, wants to buy the British chain Homebase. The company has confirmed in a press release that it has made a conditional offer to acquire Homebase from Home Retail Group for a cash consideration of GBP 340 mio (AUD 699 mio). If the takeover goes ahead, Wesfarmers plans to rebadge the Homebase stores with the Bunnings brand within three to five years.
Wesfarmers and Home Retail Group are reported to have begun discussions in September 2015 and due diligence work commenced in October 2015. An exclusivity agreement was signed in early December 2015 and confirmatory due diligence has now been completed. Transaction documentation is advanced and in the process of being finalised. There is no certainty the offer will lead to an agreed transaction. Among other things, the Home Retail Group shareholders still have to give their consent to the deal.
Wesfarmers and Home Retail Group are reported to have begun discussions in September 2015 and due diligence work commenced in October 2015. An exclusivity agreement was signed in early December 2015 and confirmatory due diligence has now been completed. Transaction documentation is advanced and in the process of being finalised. There is no certainty the offer will lead to an agreed transaction. Among other things, the Home Retail Group shareholders still have to give their consent to the deal.
