Global Foods Group of Australia has made an AUD8.3m (US$5.7m) takeover bid for locally-based business Buderim Group’s ginger and tourism assets.
If successful, the transaction would include the Buderim Ginger brands, all land, plant and ginger processing equipment at Yandina, in Australia, the Ginger Factory tourist attraction, a 1,619-hectare macadamia orchard in Hawaii and a subsidiary in Fiji.
Buderim shareholders need to accept the takeover bid and a planned name change to Health and Plant Protein.
George Vasili, the principal shareholder of Global Foods, once sat on the Buderim board and has a 15.86% share in the group.
In an Australian Securities Exchange (ASX) statement, Vasili said: “Global Foods is a successful Australian family owned and operated food importing and processing business that has great synergy with the ginger division.
“We are in a unique position to invest the required capital and expertise to enable the ginger division to continue into the future, and for the company to profitably grow with a renewed focus on the macadamia industry.”
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Buderim also processes macadamia nuts and wants to concentrate on that part of its business, which currently contributes 60% of its revenue.
It told the ASX it is “pleased to have received and attractive offer” for its ginger division which it put up for strategic review in 2018.
It said it believes its macadamia business has the “opportunity to become a dominant brand on a global scale” and that to achieve that will “require much focus”.