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National Foods bid for Dairy farmers gets tick from consultant
17 Oct 2008
A report by independent consultant Grant Samuels has given a tick of approval to National Foods bid for Australian Co-operative Foods Limited (ACF), which trades as Dairy Farmers. ACF said the National Foods proposal would deliver members $5.651 per share which was in the upper half of an independent expert''s valuation range of between $5.25 and $5.89 per ACF share. ACF directors unanimously recommended the National Foods proposal in August 2008 and appointed Grant Samuel soon afterwards to assess the bid. National Foods proposes to split the purchase of Dairy Farmers cheese production joint venture equally with the listed Warrnambool Cheese and Butter Ltd. The proposal needs a 75 per cent majority from Dairy Farmers shareholders to succeed.
Business Spectator, 17/10/2008
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