Babcock Power Says It’s Received Non-Binding Bids for Business

By Jason Scott

Dec. 22 (Bloomberg) -- Babcock & Brown Power, the Australian electricity producer that’s lost 98 percent of its market value this year, said it’s received non-binding bids to acquire the company.

“The BBP board, in conjunction with its advisers, continues to review all submissions made with a view to determining what is in the best interests of Babcock & Brown Power’s security- holders,” the Sydney-based company said today in a statement to the Australian stock exchange. It didn’t name the suitors.

Babcock Power, managed by Babcock & Brown Ltd., said in October it would seek bids after the company was approached by potential buyers to purchase assets or for an outright sale. The company has been selling plants to reduce debt and bolster its balance sheet.

To contact the reporter on this story: Jason Scott in Perth at Jscott14@bloomberg.net