By Phil Boeyen, ShareChat Business News Editor
|
Wednesday 24th October 2001 |
Text too small? |
The French company is making an offer through its Singapore-based Asia-Pacific holding company, Danone Asia, to buy Frucor shares for $2.35 each.
Danone says the offer is a 39% premium over the weighted average share price of Frucor on the NZSE for the last three months, a 26% premium over the weighted average price at which Frucor has traded since its IPO, and a 57% premium over the IPO price.
The company has already been granted an option from Frucor's biggest shareholder, Bain Pacific, to acquire up to 19.99% of the beverage firm at $2.35.
Groupe Danone is a multinational food and beverages company, headquartered in Paris, France, and listed on the Paris, London, Brussels, Swiss and NYSE. It already has a stake in the New Zealand food market through its subsidiary Griffins, which it acquired in 1990.
The takeover offer is subject to Danone acquiring more than 90% of Frucor shares.
Frucor says it has appointed a sub-committee to deal with the takeover and will shortly appoint an independent advisor to report on the offer.
Independent director, Graham Evans, says it would not be appropriate to comment on the offer until the report is received but says Danone is a highly respected international company "which would certainly assist Frucor's expansion offshore through its distribution channels."
Frucor's share price has been riding on the back of its UK prospects for some time and has recently been boosted by news that its energy drink V has achieved the number two spot in the energy drink market there behind leader, Red Bull.
Frucor was also recently named by US finance magazine Forbes Global as one of the world's 20 best small companies for 2002.
No comments yet
