Grocery wholesaler Metcash Ltd. has extended its bid for the Australian operations of Foodland Associated Ltd. to 21 May from 22 April, the Reuters news agency reports.
Go deeper with GlobalData
Metcash plans to buy all of Foodland then spin-off the New Zealand operations, it said.
Metcash has offered A$7.18 (US$5.55) cash per share for Foodland’s Australian business, valuing it at $846 million. As an alternative, Foodland shareholders can instead choose to receive 2.66 Metcash A shares for each Foodland share.
