Guinness Peat Group has sweetened its offer for Victorian agribusiness Tandou, after its proportional offer expired yesterday.GPG said its new offer of 33c cash per share for all fully-paid ordinary shares in Tandou represents a 10% premium to the price o
Guinness Peat Group has sweetened its offer for Victorian agribusiness Tandou, after its proportional offer expired yesterday.
GPG said its new offer of 33c cash per share for all fully-paid ordinary shares in Tandou represents a 10% premium to the price offered the proportional offer, which was made last September.
GPG said the new offer would allow Tandou shareholders to receive cash for all or some of their shares in Tandou, addressing concerns to the proportional offer.
The previous 30 cents-a-share offer for half of Tandou garnered less than 1% acceptance from shareholders.
GPG has said that if its offer was successful it intended to sell, restructure or close Tandou's horticultural and other peripheral activities not producing an economic return, and to explore all avenues to maximise the value of Tandou's remaining water assets.
GPG shares remained unchanged at 83c on the NZX.
Tandou shares climbed 2.5c to 34c on the ASX following the announcement of the revised offer.
