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(Reuters) -Australia’s PSC Insurance said on Wednesday it is in talks regarding a possible buyout after being approached by multiple parties, confirming a local media report.
The Australian Financial Review (AFR) reported on Tuesday that the insurer has held informal discussions with at least two offshore brokers and hired Goldman Sachs to handle preliminary talks.
The AFR reported, citing sources, that “PSC’s would-be dance partners” were U.S.-based Arthur J. Gallagher and the UK’s Ardonagh Group, which are both prolific deal-makers in Australia.
However, PSC, which has a market value of about A$1.88 billion ($1.24 billion), did not disclose any details about the parties or a deal value in its statement.
Arthur J. Gallagher and Ardonagh did not immediately respond to a Reuters’ email for comment.
PSC said it was uncertain if the talks, which are subject to due diligence and negotiation, would lead to a buyout offer. ($1 = 1.5124 Australian dollars)
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