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A report from the Sunday Times in England says that global building materials and plumbing distributor Wolseley plc is in talks with investors and private equity groups to raise possibly more than $500 million (converted from British pounds) in what the paper calls a rescue fundraising.
According to the article, a final decision on how much cash is required and whether they will move forward on this will be made in the next three weeks before the end of its financial half year. The distributor will report results next week.
Here is the article.
The Times also reported that investors may have expected more.
Here are recent MDM articles on the distributor:
Wolseley Profit Declines 30% in 1Q
Stock Building Supply to Close 86 Branches