If it wasn’t clear from Coles’ sinking share price on Wednesday, shareholders in the country’s second-largest supermarket group are a tad uneasy about its latest potential pivot.
In a sparse statement to the ASX, Coles confirmed it was in talks with Joel Thickins’ TPG Capital over a potential buyout of Greencross Pet Wellness Company.
The company said due diligence was underway, though discussions “remain incomplete”, with “no certainty that a transaction will proceed”.
Coles shares initially fell more than 7% before recovering some losses to close 4.2% lower.
