Able needs Sirit Settlement to get Investor $s – Ma ‘ole Boss Involved

A group of investors led by Nelson Peltz and the Triarc Companies planning a takeover of Able/MFS are negotiating a settlement with Sirit Corp of Toronto. Back in August the investors said they would inject $40m into Able subject to ‘due diligence’ investigation of its standing, and that they hoped to complete the transaction by early October. One of the obstacles appears to be the Sirit suit against Able over its acquisition of MFS. There have been discussions between the investors and Sirit in New York.

Able at $40m is a small acquisition target for these guys. They are BIG! Triarc properties include RC Cola, Arby’s, Snapple etc. Other investors in the possible takeover of Able are Peter May, a former senior officer at KMPG, and Kerry Packer, the leading TV station owner and magazine publisher in Australia who is also investing in telecommunications. Said to have personal net worth of $3b or so and his companies are many times that.

Small world: Kerry Packer was your editor’s employer 1966 to 1982! Sent me to New York to be his group’s US Manager in Apr 1980! Packer’ll be one more colorful character at Able/MFS if he writes them that check.