New Zealand dairy giant Fonterra has announced that it is extending the closing date of its offer for Australia’s National Foods.
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Fonterra said the offer to acquire all of the shares in National Foods has been extended to 8 March 2005. The previous deadline was 15 February.
Fonterra’s A$1.6bn (US$1.23bn) bid of $5.45 per share has been exceeded by a $6.00 per share bid from San Miguel, the Philippines-based food and beverage company.
Fonterra said at the beginning of February that National Foods has agreed to provide it with certain non-public information.
Fonterra chief executive Andrew Ferrier said the company would like greater clarity “on the assumptions that underpin the National Foods Board’s valuation” before making any final decisions about its offer.
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