Olam: to make conditional cash offer for all shares in NZ Farming Systems Uruguay that it does not own, at NZ$0.55/sh (vs NZ$0.41 last traded). Olam currently has 18.5% stake in the company. Offer will go through if Olam receives min 50.1% acceptance. NZFSU’s second largest sh/h, PGG Wrightson which holds 11.5% stake, has already agreed to accept the offer.
Full acceptance of the offer would cost Olam NZ$110m, to be funded by mix of internal funds and borrowings. NZFSU is mainly involved in dairy production in Uruguay, using NZ farming practices.
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