The $3.25 a share deal was pitched at a 34 per cent premium to Bradken's last close and Hitachi said it would step into the market and start building its stake later this month.
Remember Bradken was put into play by local private equity firm Pacific Equity Partners which requested access to Bradken's innermost secrets in August 2014 with a $6 a share proposal.
That number was skittled down to $5.10 a share only a couple of months later, with Bain Capital joining PEP in the buyers' camp. Unfortunately, though, Bradken's business was deteriorating rapidly and the private equiteers could not make the numbers stack up with the available debt.
Then it was over to PEP and trade player Koch Industries, making a joint bid at $2.50 in April 2015.
Hitachi is a major equipment company specialising in manufacturing, sales and service of construction and mining machinery. The company is listed in Japan and has a ¥430 billion market capitalisation, or $5.5 billion in Australian dollar terms, annual sales worth almost $10 billion and employs 21,193 people globally.
Moelis & Co, SMBC Nikko and MinterEllison advised the bidder.
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