US produce company SK Foods International has increased its takeover offer for New Zealand vegetable processor Cedenco Foods.

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California-based SK Foods increased the offer from NZ$2.15 (US$1.24) per share to $2.30 per share. Shareholders Murray McPhail and Ian Urquhart, who together own 15% of Cedenco, have agreed to sell to SK Foods at the higher price. SK Foods has therefore increased its stake in Cedenco to 81%, reported the New Zealand Herald.


SK Foods had originally offered $2.05 per share, but this was raised in August to $2.15 after an independent report suggested the shares were worth between $2.14 and $2.74.


 

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