A private equity consortium looking to acquire Australia’s second largest retailer, Coles Group, lost its third member Bain Capital yesterday (30 May).
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Bain’s exit from the group follows the departure of Kohlberg Kravis Robers and CVC, who abandoned the Coles takeover bid earlier this week.
The remaining partners in the consortium are Texas Pacific Group, Blackstone Group] and Carlyle Group.
With the private equity consortium further weakened by the departure of another member, the way looks increasingly clear for a A$19.7bn bid from local conglomerate Wesfarmers.
Wesfarmers shares increased to A$37.940 at time of press.
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