Melbourne pubs operator Dixon Hospitality Group put off its plan to go public in favor of a more attractive sale offer from a private equity firm, The Australian Financial Review reported, citing unnamed sources.
Dixon's board, including CEO Bruce Dixon, reportedly sees more value at the offer, which was "13.8-times forecast 2018 financial year profit," according to sources in the April 10 report.
The group had planned to list a A$300 million vehicle at the Australian Securities Exchange in 2015 and was in the middle of its IPO roadshow in Australia and New Zealand when the reports emerged.
The report said the group is also considering another offer that came over the weekend from an "offshore sponsor."
The group was reportedly seeking a A$2.20 per-share deal, which puts its equity value at A$186 million.
As of April 7, US$1 was equivalent to A$1.33.