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Talley's gains control of Affco with 90.5%

Wednesday 6th October 2010

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The Talley’s family reached an unassailable holding in Affco Holdings, at 90.5%, formalising its position as a leading food manufacturing company with products ranging from fish, to dairy products, vegetables and now meat processing.

The closely held Talley’s Group gave notice of dominant ownership in a statement to the NZX, signed by director Andrew Talley.

Talley’s paid 37 cents a share for the rest of Affco, which was nil premium at the time. The takeover offer was triggered when the Spencer family’s Toocooya Nominees agreed to sell is 23.5%.

The offer price was within the 34 cents to 44.4 cents independent valuation of the company. The shares peaked at 61 cents in August 2008 and last traded in Sept. 20 at 36 cents.

Affco, New Zealand’s fourth-largest meat processor and exporter, was established in 1904 and currently operates nine plants in the North Island and two plants in the South Island.

The company owns 35% of Open Country Dairy, an independent dairy processor that buys regulated raw milk from Fonterra Cooperative Group, while Talley’s is the third biggest shareholder with about 17%.

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