Bandanna Energy Sale Closed on Inadequate Bids, WSJ Reports

Bandanna Energy Ltd. (BND) closed its books to potential bidders after receiving offers that weren’t adequate, the Wall Street Journal reported, citing a person familiar with the matter.

Bandanna, which has several coal exploration permits for Queensland, had appointed UBS AG (UBSN) earlier this year to advise on the sales process, the newspaper said.

To contact the editor responsible for this story: Chris Peterson at cpeterson@bloomberg.net

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