Business Bakery to accept Trilogy offer after adviser's report gives tick to Citic bid
The Business Bakery will accept a $2.90 a share offer for its 31 percent stake in Trilogy International NZX:TIL] from China's Citic Capital Partners after the independent adviser's report found the bid was within fair value.
Trilogy chair Grant Baker, who's also a Business Bakery director, said the $211 million takeover bid fell within independent adviser Grant Samuel's valuation range of between $2.59 and $2.94 per share. The skincare products maker's directors plan to unanimously recommend the offer and vote their shares in favour of the transaction, which will be via a scheme of arrangement, meaning it needs 75 percent approval and at least 50 percent of total voting rights cast.
"The Business Bakery LP, TIL's 31.2 percent shareholder has also confirmed its intention to vote in favour of the scheme, subject to no superior proposal emerging," Baker said in a statement.
Shareholders will vote on the deal at a special meeting in Auckland, expected to be held on March 14, and the transaction also needs to be ratified by the High Court.
Baker said meeting materials will be sent out near the end of the month.
The shares rose 0.7 percent to $2.82.