Frucor begins market exit

Although the company is yet to be officially delisted, Frucor asked the exchange to suspend quotation of its shares to help its new owner with compulsory acquisition.

Danone emerged victorious from a three-month takeover at the end of last week when it announced it had received just over 90% of acceptances for its offer of $2.35 per Frucor share.

That holding has since moved to 91.25% and Danone has now written to all outstanding shareholders advising that it intends to acquire the shares compulsorily.

The price is the same as the takeover offer, at $2.35.

Shareholders are advised to transfer their shares to Danone by February 14, otherwise the purchase price will be paid to Frucor and held in trust to be claimed later.

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