Wednesday 16th November 2011 2 Comments
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Turners & Growers, the fruit marketer controlled by Guinness Peat Group, has appointed independent advisor KordaMentha to assess on a $216.5 million takeover bid from Germany’s BayWa AG.
The German company has locked up GPG’s 63.5 percent stake for $137.4 million, ensuring the bid for at least half of T&G is met, and KordaMentha will look at the merits of the $1.85 a share offer as the independent adviser.
BayWa is paying an 8.8 percent premium to what the stock was trading at immediately before the announcement was made, and is contingent on regulatory approvals in both New Zealand and Germany.
The German company will delist T&G if it secures 90 percent of acceptances that would enable it to force a compulsory sale for the rest of the company, but the deal doesn’t rely on a full takeover.
The shares recently traded at $1.83, 1.1 percent below the German offer. That values the company at $214.1 million based on the market capitalisation.
Turners and Growers names Alastair Hulbert as new COE
Turners and Growers boss Hipkins leaves after firm played down exit rumour
Turners & Growers forecasts FY net loss up to $19M
Turners and Growers lifts first-half profit 2.2 percent, positive outlook
Turners and Growers lifts first-half 2.2 percent to $7.1m
German owners of Turners & Growers extend olive branch to Zespri
T&G appoints new senior management team & directors
BayWa gets OIO approval to buy Turners & Growers
Turners & Growers posts FY loss of $18.9 mln
Scales Corp emerges as potential block to Turners & Growers bid