The directors of Brumby’s today (29 May) recommended that shareholders in the Australian bakery group accept the takeover offer from Retail Food Group (RFG).

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“The directors unanimously recommend that shareholders accept the offer from RFG in the absence of a superior offer,” Brumby said in a statement to the Australian stock exchange.


Earlier this month (4 May) RFG, which holds a 15.59% stake in the company, made a cash offer of A$3.40 (US$2.79) per share.

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