A boutique investment firm backed by members a Rich Lister family has moved to block a takeover bid for clothing retailer Noni B.
Gannet Capital, backed by members of the Smorgan family, has seized a strategic stake in Noni B in an attempt to block a takeover by Phil-Green backed Alceon Group, Business Spectator reports
Earlier this month Noni B owners, the Kindl family, accepted Alceon’s 51 cents-per-share takeover bid and recommended other shareholders follow suit.
Optus shakes up leadership positions
Optus has announced a shift in its leadership team, with chief executive Paul O’Sullivan moving to the role of chairman after 10 years in the top role.
Parent company SingTel’s chief executive Chua Sock Koong said in a statement O’Sullivan will be replaced by Allen Lew, who is currently SingTel’s chief executive of Group Digital Life.
“After 10 years at the helm of Optus, Paul has expressed his desire for a change to a non full-time role,” she said.
“As the chairman of Optus, Paul continues to be a strong advocate for our Australian business with his solid experience and knowledge. Paul will deepen our engagement with key stakeholders in the government and business community.”
Shares down on open
The S&P/ASX200 benchmark was down 18.3 points to 5546.1 points at 12:10 AEST. On Thursday, the Dow Jones closed down 0.12%, falling 19.71 points to 17,049 points.
Broede Carmody is a former senior SmartCompany reporter. Before this, he was a co-editor of RMIT University’s student magazine Catalyst.
