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Boom Logistics issues ststement on takeover rumours

June 11 - In Australia, Boom Logistics has issued a formal statement in response to rumours of a takeover bid from special transport, lifting and services group McAleese Transport and Archer Capital.

Earlier this week, investment firm Archer Capital told the Australian stock exchange that its associate McAleese had acquired a subtantial interest in Boom, of 10.468 percent of the company, or 48.2m shares.

Following an article online in the Australian Financial Review that the company had made a bid for Boom, at AUD0.52 a share, Boom's shares increased in value.

But Boom's announcement says that it has not received any proposal from either McAleese or Archer since the substantial holding announcement. It confirmed, however, that it had 'received a highly conditional, confidential and incomplete proposal from Archer to acquire Boom... at an indicative price of AUD0.52'.

Boom's statement said that its management were 'in the process of quantifying the impacts of the improved operating environment and contract wins on the expected financial performance of the group'. Boom advised shareholders to take no action at this stage.

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