Soft drinks company Coca-Cola Amatil has approached Australian fruit and vegetable processor SPC Ardmona with a A$500m (US$382.8m) takeover bid for the company.
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Coca-Cola Amatil, 34.5% owned by soft drinks giant Coca-Cola, has said it is prepared to offer between A$2.05 and $2.19 per share plus a three cent dividend, reported Dow Jones News.
SPC Ardmona had been in talks with Australian dairy company National Foods regarding a merger between the two firms, but talks were temporarily halted this week after New Zealand dairy giant Fonterra launched a takeover bid for National Foods.
SPC’s board has recommended that the company’s shareholders accept the offer; a vote has been scheduled for late January or early February.
SPC’s managing director Nigel Garrard said a merger with C-C Amatil would provide SPC with an opportunity to boost sales.
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By GlobalData
