Independent directors at New Zealand pipfruit exporter Enza have recommended the group’s shareholders to accept the NZ$1.2 (US$0.5) per share offer made by the Guinness Peat Group (GPG).
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
GPG already holds a 19.9% stake in Enza, and its takeover bid values Enza at NZ$72m. As GPG already has a conditional contract to buy out the 19.9% stake held by FR Partners, it needs to buy just 10.3% of Enza’s shares to establish control.
GPG’s formal offer was sent to producer shareholders, whom it is believed number 1060, on Friday. The offer will remain open until 6 May.
Enza, formed in April 2000 to take over the Apple and Pear Marketing Board, reported net revenues of NZ$640.5m in 2001. It has budgeted net operating revenue for 2002 at NZ$472.5m, reported Stuff.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
