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Shareholders say yes to Dairy Farmers takeover
14 Nov 2008
More than ninety six per cent of Dairy Farmers shareholders approved the takeover offer from Kirin’s National Foods yesterday. Shareholders will receive $5.06 in cash and a special franked dividend of 59 cents if further conditions are met. The deal is conditional upon the Dairy farmers supply co-operative entering into revised supply contracts with suppliers to secure milk volumes. National Foods has said there will be rationalisation and job cuts but can not confirm details until it gets access to the Dairy Farmers accounts. The merger will create Australia’s largest dairy business. National Foods will sell the Ski yohurt brand to Fonterra and is in negotiations to sell and license brands and assets in NSW and South Australia to satisfy the competition regulator.
Source: Financial Review 14/11/08
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