Dairy producer Bonlac might be the subject of renewed attention from rival National Foods Ltd (NatFoods) after Bonlac reported a 119% increase in net profit to A$34m for the six months to December 2000
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National Food is expected to make a new offer for Bonlac after studying its half-year. Bonlac has already agreed to sell New Zealand Dairy Board a 25% stake in the co-operative on condition that 75% of its member shareholders agree to the merger at a meeting on 23 April.
National Foods and dairy co-operative Murray Goulburn made a joint approach to Bonlac to buy the company for around $550 million but have so far been denied the opportunity to look at its books. NatFoods spokesman Ian Greenshield said his company would study Bonlac’s “financials to see if there is enough in them to flesh out out an offer”.
“We’ll also look at the explanatory notes that will be sent to Bonlac shareholder members, and between them see if they can give us enough financial detail to prepare a fuller offer,” Mr Greenshields said.
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