The board of NZ Farming Systems Uruguay (NZFSU) has recommended shareholders do not sell their shares to Singapore food group, Olam International, which is proposing a 55c a share takeover offer.


NZFSU said it expected to issue a statement on a competing bid from Uruguay’s Union Agriculture Group (UAG), which has proposed a competing 60c a share offer, in mid September.

The board said the offer from Olam was, among other things, too low. NZFSU also said there was a prospect that it would be able to raise new equity from a potential investor “on terms that are favourable to all shareholders.”

More to come