Capilano shareholders back takeover bid

Capilano shareholders back takeover bid

Shareholders in Australia's Capilano Honey have voted by a majority in favour of a takeover by a China-led consortium at its annual general meeting.

The Sydney-listed firm said in a statement it will now apply to the Federal Court of Australia for final approval of the deal, with a hearing slated for 22 November.

Wattle Hill RHC and Asia-Pacific private-equity specialist Roc Partners, namely Bravo Bidco, increased their offer for the firm earlier this month to AUD21 (US$15.31) a share from AUD20.06, prompting Capilano's second-largest shareholder Bega Cheese to say it would vote in favour of the so-called scheme of arrangement. 

Capilano said today (15 November) it had applied to the Australian Securities Exchange to suspend trading in its shares. The effective date for the scheme of arrangement is 23 November, with its implementation expected on 5 December, the same date for final payment. The company then plans to delist on 7 December.