BayWa extends T&G offer for another four weeks

Feb. 7 (BusinessDesk) – Germany’s BayWa Aktiengesellschaft has extended its takeover bid for fruit marketer Turners & Growers for another four weeks.

The German agriculture company pushed out the final date before its offer closes until March 7 from Feb. 8. It also extended the time it can declare the bid unconditional until April 6 and will do so once it receives Overseas Investment Office approval.

BayWa launched its $1.85-a-share offer, valuing the target company at $216 million, on Dec. 9 having garnered agreement from Guinness Peat Group to sell its 63 percent stake. The German company has lifted its stake to 69 percent since then, according to a filing today.

The shares were unchanged at $1.77 in trading today, valuing the company at $207.1 million by market capitalisation.

Scales Corp, the apple processing company sold by South Canterbury Finance’s receivers, said it had bought 5.95 percent of Turners & Growers and had an option to buy a further 4.03 percent.

Scales said it isn’t planning a bid of its own, supports the target company remaining NZX listed and wants to participate in any consolidation in the industry.

(BusinessDesk)

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