Australian dairy firm National Foods has said that it has agreed with compatriot food processor SPC Ardmona to suspend merger discussions.
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However, the board of National Foods confirmed that, subject to agreement of satisfactory terms, it continues to support unanimously the strategic and financial grounds for a merger with SPC Ardmona.
The board said it intends to ensure that National Foods’ shareholders have sufficient time to consider the recent takeover offer from New Zealand dairy giant Fonterra, or any subsequent offer by Fonterra or another party, before it makes any commitment to merge with SPC Ardmona.
The board reiterated that it unanimously rejects Fonterra’s offer and continues to recommend that shareholders take no action in response to announcements or documents received from Fonterra.
National Foods’ brands include Pura, Classic, Farmers Union, Big M and Masters milks, as well as the Yoplait, Le Rice, Fruche, Divine Classic and
YoGo fresh dairy product brands. The company also operates in the specialty cheese and gourmet foods market through brands such as King Island Dairy, South Cape, Superior Gold Timboon and Tilba.
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By GlobalData
