AMA is teaming up with Blackstone in order to put in a bid for Capital SMART according to an article in the business section of the Australian on 31 October.
The story cites AMA being the only autobody repair business listed on the ASX as the reason bankers are speculating that it was the logical buyer for Captial SMART. The article also suggests that the appointment of Anthony Day, former CEO of Suncorp's general and life insurance operations, further points to AMA's intentions to buy SMART, which is 95% owned by Suncorp.
AMA refuted the newspaper speculation in a statement: " AMA wishes to clarify that this suggestion is incorrect. AMA is not teaming up with Blackstone to make any offer for the Capital SMART business.
Further, AMA’s announcement that Mr Anthony Day will be joining the board of AMA after the AGM has no connection with Suncorp selling the Capital SMART business. Mr Day will be joining the board due to his excellent credentials and experience in the insurance industry in Australia, AMA’s core customer group. The board of AMA believes that Mr Day will make a valuable contribution to the board".