Moelis in Redcape deal?
Jonathan ChancellorFebruary 24, 2016
Boutique advisory firm Moelis & Co is closing in on a deal to buy pubs portfolio Redcape Hotel Group, according to the well-placed Street Talk column in the Australian Financia Review.
It is understood Moelis and Redcape have signed a heads of agreement, which will allow final due diligence.
Moelis reduced its offer for Redcape earlier this month after share market volatility meant the initial public offering was off the table.
It was suggested the current offer price is around $620 million compared to $650 million.
An ASX listing was considered last year with hedge funds York Capital and Varde Partners cashing out.
Redcape owns 23 pubs in NSW.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
