Philippine poultry producer wants to buy NZ Tegel
Bounty Fresh is targeting a full takeover but the company will also accept a 50% stake. In addition, the company must obtain the approval for the takeover from the Overseas Investment Office and for the deal to go through Tegel must meet certain earnings thresholds.
Tegel announced in a statement to the New Zealand Stock Exchange that it had appointed Goldman Sachs to advise on this takeover bid.
Tegel can pay a dividend of up to 4.1c a share that would not affect the offer price, as stipulated by the terms of the notice.
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