Independent directors at New Zealand pipfruit exporter Enza have recommended the group’s shareholders to accept the NZ$1.2 (US$0.5) per share offer made by the Guinness Peat Group (GPG).
Go deeper with GlobalData
GPG already holds a 19.9% stake in Enza, and its takeover bid values Enza at NZ$72m. As GPG already has a conditional contract to buy out the 19.9% stake held by FR Partners, it needs to buy just 10.3% of Enza’s shares to establish control.
GPG’s formal offer was sent to producer shareholders, whom it is believed number 1060, on Friday. The offer will remain open until 6 May.
Enza, formed in April 2000 to take over the Apple and Pear Marketing Board, reported net revenues of NZ$640.5m in 2001. It has budgeted net operating revenue for 2002 at NZ$472.5m, reported Stuff.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
