The bid by National Foods to takeover King Island Company looks likely to be completed next month, as King Island chairman Ray King has recommended that shareholders to accept the offer by 1 February because a higher bid is unlikely.

King commented: “We recommend that King Island shareholders who have not already accepted National Foods’ offer do so immediately to realise a significant value premium for their shares.”

Max Ould, MD of National Foods, admitted to the Herald and Weekly Times that he is delighted that the company is now so close to its goal.

National Foods already controls 82% of King Island shares, but its A$3.25 (US$1.62) per share takeover offer, for all issued capital, is still conditional on 90% share acceptance by next month, and the approval of the Financial Investment Review Board.