Olam seeks to buy NZ Farming Systems Uruguay

Olam International is seeking to buy the 22% of shares in NZ Farming Systems Uruguay (NZFSU) that it does not already own.

Singapore-based Olam has a 78% stake after a takeover offer that closed last September. It is offering 70c a share for the rest of the stock, compared to a closing price of 55c on Thursday.

NZFSU today said its independent directors recommended shareholders wait for a target company statement, including an independent appraisal on the merits of the offer, before making a decision.

Under the Takeovers Code, Olam was expected to send to shareholders the offer in the next two weeks, and NZFSU would then issue the target company statement.

NZPA

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