By Phil Boeyen, ShareChat Business News Editor
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Wednesday 24th April 2002 |
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"In order to win the support of the 6,200 shareholders who have a choice over whether to sell, Rank have decided to slightly increase their offer from $1.70 a share to $1.75," says Fonterra's CFO Graham Stuart
"As a forced seller, Fonterra was happy with the NZ$1.70 offer we negotiated with Rank but we are obviously pleased to accept the improved price.
The increased prices equates to an extra $3.5 million for Fonterra's 70 million shares.
Mr Stuart says the 3% margin between the forced sale and the voluntary sale price underlines the quality of the deal the company announced earlier this month.
"Fonterra appreciates the role NZDF took in facilitating the higher offer. John Storey has done a good job advancing the interests of all NZDF's shareholders in relation to the offer."
Fonterra is required to sell its 50.0004% in New Zealand Dairy Foods by the end of September under the Dairy Industry Restructuring Act in order to ensure the continuation of competition in the New Zealand consumer market for dairy products.
New Zealand Dairy Foods has approximately 40% of the New Zealand dairy market.
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