Greencross Limited (ASX: GXL) shares spiked 13% on Wednesday morning after the Pet Barn owner revealed it is in takeover talks.

Following media speculation, Greencross issued a public statement saying it has received “credible proposals” from interested parties.

Greencross is the $560 million company behind brands such as Pet Barn, Greencross Vets, City Farmers and more.

The company said the offers it has received are subject to a number of conditions and are being kept confidential, adding:

“…there is no certainty that any proposal will result in a transaction involving Greencross, what the terms of any such offer would be, or whether there will be a recommendation by the Board of Greencross.”

While no names were released by the company, Fairfax quotes sources who suggest private equity heavyweight TPG Capital is leading the takeover offers.

There seems to be much speculation over potential suitors, but it is understood that Macquarie Capital and Allier Capital are working with Greencross.

What Now

A few years ago Greencross had found itself as the target in takeover talks for a deal worth around $770 million or $6.75 per share.

The company says it is aware of its disclosure obligations and will keep the market informed.

But with Greencross shares slipping from over $6 in 2017 to a recent low of $3.58, according to Google Finance, the board may be tempted to entertain another offer.


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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).

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