Wholesale grocer Metcash Trading’s bid for rival grocer Foodland Associated could be in trouble.
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A key corporate governance advisor has urged shareholders to reject two thirds of the resolutions that are required for the takeover bid to go ahead, the Australian Financial Review reported today [Thursday]. The cash-and-shares bid was tabled in December.
The resolutions in the spotlight include Metcash’s plan to receive financial aid for the bid from a new Australian company, Newco, in exchange for shares in Metcash and Metcash’s South African parent, Metoz Holdings.
Meanwhile South African retailer Pick’n Pay denied it is mulling a takeover offer for Foodland. Pick’n Pay owns another Australian retailer, Franklins.
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