Macquarie Bank, an Australian bank, is advising Alinta, an Australian energy company, on a management buyout. The bank may also take a stake in the deal, according to a statement by Alinta.
Alinta operates energy assets worth A$8 billion (€5 billion; $6 billion). Its shares rose by 13 percent to A$12.63 on news of the offer.
John Poynton stood aside as chairman after joining the management buyout group, which also includes chief executive Bob Browning. The board has elected John Akehurst as Poynton’s replacement.
Poynton and Browning will continue as directors but will play no role in evaluating the buyout or any other proposal.
Akehurst said: “There is no assurance that any offer will ultimately be received or put forward to shareholders or recommended by the Board.”
A statement said that the timeframe for the board’s assessment of the proposal may be longer than normal for a proposal of this type.
Australian law firm Clayton Utz are giving legal advice to the management.
Carnegie Wylie & Company, an independent investment bank, and JP Morgan are giving financial advice to Alinta while Blake Dawson Waldron is providing legal advice to the firm.