Frucor announcement due

Danone's offer for the company at $2.35 a share is due to close at the end of next week. The French food and beverage company has made three time extensions to its offer but has not increased the opening bid price.

Majority Frucor shareholder, Bain Capital, has already accepted Danone's offer and is keen to see the deal go through. However Danone has not advised of any further extension or offer variation and its bid of $2.35 cannot now be increased under the Takeovers Code.

An appraisal report last year valued Frucor's shares at between $2.53 and $2.96 but Danone has repeatedly claimed its price is a full one and taken issue with forecasts used in the appraisal report.

Chairman of the Frucor's committee of independent directors of Frucor, Ian Donald, says a further announcement to shareholders is proposed before the opening of trading tomorrow.

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