Members of the New South Wales (NSW) dairy co-operative, Dairy Farmers, are set to vote on restructuring plans next month. Among the plans is a provision to make the company’s board submit all takeover or acquisition proposals to a members’ vote.
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The provision has been welcomed by members, who have witnessed two takeover offers vetoed by the board in as many years. In December 2000, National Foods put forward a merger offer worth A$793m, and a year previous, the Pauls/Parmalat group put forward a A$471m bid.
