Singapore-based commodities company Olam International has succeeded in gaining more than 90% of takeover target NZ Farming Systems Uruguay, allowing it to take it private.
Olam had 90.19% of Farming Systems, enough to compulsorily acquire the rest, it says in a statement today. It offered 75 cents a share last month to mop up the 14% of Farming Systems it did not already own in its second attempt to get to 100% of the target after taking control last year.
Shares of Farming Systems last traded at 73 cents, giving it a market value of $178 million. The stock is up about 12% this year.
The company first listed in December 2007 with the aim of building a dairying business based on New Zealand farming techniques in the South American country, where land was comparatively cheap and the industry relatively undeveloped.
In August it announced it had missed its guidance with a full-year loss of $US7.6 million and signalled plans to raise $US135 million to repay a debt to its controlling shareholder Olam.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- John Key says demand for New Zealand as a holiday destination is not even close to drying up
- China launches ‘uncrackable’ satellite while Syria’s regime strengthens on Foreign Affairs Scope with Nathan Smith
- F&P Healthcare's Lewis Gradon talks about the future of the company
- Tourism Holdings CEO Grant Webster on how his company can improve results further
- Rod Oram 'heartened' ComCom's considering 'substantive issues so vital to the country’s discourse’ at heart of NZME-Fairfax merger