In a release to the Australian Stock Exchange, the board of So Natural Foods (SNF) has confirmed that Arrovest, an associate of the Penrich Group of companies, has launched an unconditional on-market bid for all of So Natural’s outstanding shares.
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SNF is a leading soy milk producer, manufacturing well-known brands such as So Natural, Smooth White, Australia’s Own and Vitalife.
Arrovest have offered A$0.50 per share. At close of trade today (9 June) So Natural was trading at A$0.51 per share.
The board of SNF said that it will consider the proposal “as soon as reasonably practicable” and then inform shareholders of their view.
It is understood that if Arrovest succeed in acquiring 90% of SNF shares it does not intend to exercise its compulsory purchase option.
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