Friday 16th February 2018 |
Text too small? |
The Business Bakery will accept a $2.90 a share offer for its 31 percent stake in Trilogy International from China's Citic Capital Partners after the independent adviser's report found the bid was within fair value.
Trilogy chair Grant Baker, who's also a Business Bakery director, said the $211 million takeover bid fell within independent adviser Grant Samuel's valuation range of between $2.59 and $2.94 per share. The skincare products maker's directors plan to unanimously recommend the offer and vote their shares in favour of the transaction, which will be via a scheme of arrangement, meaning it needs 75 percent approval and at least 50 percent of total voting rights cast.
"The Business Bakery LP, TIL’s 31.2 percent shareholder has also confirmed its intention to vote in favour of the scheme, subject to no superior proposal emerging," Baker said in a statement.
Shareholders will vote on the deal at a special meeting in Auckland, expected to be held on March 14, and the transaction also needs to be ratified by the High Court.
Baker said meeting materials will be sent out near the end of the month.
The shares rose 0.7 percent to $2.82.
(BusinessDesk)
No comments yet
FY24 Results Announcement Date and Briefing Details
Fonterra appoints permanent CFO
Harapaki wind farm now on track for mid-winter completion
Rabobank picks $8.40 kg/MS forecast milk price for 24/25 dairy season, but warns global dairy price recovery now likely to be slower
Kiwi Property FY24 annual results announcement date
MFB - FY24 Results Announcement Date and Briefing Details
AIA - Announces books closed for retail bond offer
May 8th Morning Report
NZ-UAE free trade on the table
ANZ - 2024 Half Year Results Documents