AUSTRALIA: New Zealand Dairy Board eyes rival bid for Bonlac
National Foods, an Australian dairy food company, presented its joint plan with Murray Goulburn Cooperative to take over Bonlac Foods . The joint proposal includes the purchase of Bonlac's consumer products division by National Foods' for A$250m, while Murray Goulburn will acquire full control of Bonlac for A$69.3m.
NZDB spokesman Neville Martin said his company is looking at the details of the National Foods-Murray Goulburn proposal but will not make any formal comment, until Bonlac issues its response to the offer.
NZDB has an existing agreement for an alliance with Bonlac that would result in the New Zealand dairy concern taking a 25% stake in Bonlac, but need the approval of 75% of Bonlac's member farmers. A vote by Bonlac farmers on the NZDB deal at a meeting in April is likely to decide the fate of the company.
To read more about the options for Bonlac's future, click here.
- just-food 2017 Survey - your thoughts on growth
- Food market in 2017: need-to-know US trends
- Food market in 2017: big foodservice trends
- 2017 - what will shape the UK food sector?
- Could BRF's Turkey move pave way for OneFoods IPO?
- Ferrero insists Nutella not pulled from shelves
- Kellogg announces new "nutritious" line-up
- Dairy giant Muller appoints new CFO, COO
- UK's Bakkavor plays down IPO "speculation"
- Kellogg's 1894 fund debut investment in Kuli Kuli