Olam Int’l has sweetened its cash offer for the remaining 81.5% stake in NZ Farming Systems Uruguay to NZ$0.70 per share, up from a previous offer of NZ$0.55. This will cost Olam an additional US$21.4m from its earlier US$79m bid. The revised offer came after NZS advised shareholders not to accept the takeover offer at NZ$0.55 per share as it was below its valuation of NZ$0.65-0.79.
It remains to be seen if Uruguay's Union Agriculture Group, will increase its NZ$0.60 offer as market awaits more details about a 3rd bidder which is purportedly keen on taking a minority stake. . Closing date of new offer is 24 Sep. NZS opened this morning +11% to NZ$0.70. its highest level since May 09.
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