Central and Rumors, rumors, rumors

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Central and Rumors, rumors, rumors

I’m not on the right rumor mills.  "Talk" is swirling throughout the industry, but no one seems to have the full story, certainly no one who is willing to talk, on or off the record.

Most of the information is pure speculation.  Following is some of the bits and pieces I have picked up during the past week. I suggest none of it is valid:

Central is being purchased by another parking company and have accepted a bid. (This is from a central lower level manager who added that it made sense because Monroe would want to sell to someone who would do a good job running the company…also that this firm had come back a number of times with bids, offers and the like – My comment is that the company will most likely be sold to the highest bidder.)

The deal is done, but my source was sworn to secrecy since he is involved in the deal. It will be announced any day. (I had that conversation yesterday.)

The deal is done, and Central has been bought by an investment bank, unnamed. That bank is doing it for investment only and has no real interest in it as a "parking" company.  It will proceed to sell off the assets and we will see a greatly reduced (in size) company in the near future.

Central received an offer of $20.50 a share and turned it down. At last check it was trading at $19.69

There were six bidders in the mix, and that number is now (this was a week ago) down to two. Neither of these are in the parking business.

The following companies have been mentioned in connection with the transaction —  Morgan Stanley, Carlyle Group, Gates Group (Impark), Standard Parking, Macquerie Bank (Australia) and Interpark (GE), Kelso and Company, Fremont Partners.

 

****UPDATE****
Kelso & Company has been mentioned as the "successful" bidder.  I have no knowledge except rumor control to back this up.

All this sums up to we don’t know nuttin…

JVH

John Van Horn

John Van Horn

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