Corporates: Boom, Arrow, AGL, QBE

  Shares in Melbourne-based crane operator Boom Logistics ended up more than 36% yesterday after the company became the latest small or mid cap industrial to receive an approach from a private equity group.Boom shares closed up 10.5c at 40.5c, a rise of 35% after being up around more than 40% at & #160;one stage.Boom Logistics lodged a notice with the ASX responding to media speculation that private equity group Archer Capital and Queensland-based transport, mining services and crane hire company McAleese Group intended to make an offer for Boom at 52 cents per share. & quot;Boom has not received any proposal from Archer or McAleese since Archer acquired a relevant interest in McAleese shares, & quot; Boom said in the statement to the ASX. & quot;Boom has received a highly conditional, confidential and incomplete proposal from Archer to acquire Boom through a scheme of arrangement, at an indicative price of 52 cents per share. & quot;That valued Boom at & #36;240 million.Boom said its board had not formed a view on the proposal.''In line with the recent market announcements, management are in the process of quantifying the impacts of the improved operating environment and the contract wins on the expected financial performance of the business,'' Boom said.''Once the outcomes of this work are finalised, the board will be in a position to assess any proposal.''The Boom board advises its shareholders to take no action at this stage.''Boom announced to the market yesterday evening that it had secured three contracts expected to generate around & #36;50 million in revenue over the next three years.The announcement closely followed a substantial shareholder notice lodged with the ASX which indicated that Archer had taken a stake in Boom of about 10.5%.Boom will have a tough time fighting off the bid, if it's made formal.The proposed offer price of 52c a share is & #160;under the 52 week high of 57c and well above the low of 21c.The company has underperformed since 2007 when the share price was above & #36;3. It has lost money on contracts, had management changes and lost contracts. & #160;  

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