NZ Farming Systems Uruguay share price has risen sharply following news a rival to Singapore's Olam International takeover bid has entered the fray.Yesterday Uruguay-based Union Agriculture Group increased the stakes with an offer of 60c a share against O
NZ Farming Systems Uruguay share price has risen sharply following news a rival to Singapore’s Olam International takeover bid has entered the fray.
Yesterday Uruguay-based Union Agriculture Group increased the stakes with an offer of 60c a share against Olam’s 55c.
On August 10 NZFSU’s share price was 55c and this morning it will open at 63c (NZX: NZS) following the news early yesterday afternoon that Union has launched a full takeover offer.
The NZFSU board is maintaining its message to investors to not sell their shares before receiving and considering further information.
On August 23, the company will issue its Target Company Statement for Olam’s offer at the same time it releases its annual results.
Two weeks later, NZFSU will post out information in relation to the Union offer and will then issue a further Target Company Statement including an independent appraisal report.
Rural services and supplies company PGG Wrightson has committed to sell its 11.52% stake in NZFSU to Olam for 55c a share provided it acquires at least 50.1% of the company during its takeover bid.
