Archer group withdraws Abano taekover, cites earnings downgrade

Thu, 28 Nov 2013

Nov. 28 (BusinessDesk) – A bidding group of Archer Capital, Peter Hutson and James Reeves has withdrawn a proposed takeover for Abano Healthcare after an independent valuer said the target’s shares were worth more and the board refused to allow the group due diligence. The Archer-led group blamed its withdrawal on the healthcare investor’s earnings downgrade given at its annual meeting this week. Abano forecast both weaker sales and pretax earnings for its first half, citing soft economic conditions in Australia. “It is disappointing to lear...

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