Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Business Bakery to accept Trilogy offer

Business Bakery to accept Trilogy offer after adviser's report gives tick to Citic bid

By Paul McBeth

Feb. 16 (BusinessDesk) - The Business Bakery will accept a $2.90 a share offer for its 31 percent stake in Trilogy International from China's Citic Capital Partners after the independent adviser's report found the bid was within fair value.

Trilogy chair Grant Baker, who's also a Business Bakery director, said the $211 million takeover bid fell within independent adviser Grant Samuel's valuation range of between $2.59 and $2.94 per share. The skincare products maker's directors plan to unanimously recommend the offer and vote their shares in favour of the transaction, which will be via a scheme of arrangement, meaning it needs 75 percent approval and at least 50 percent of total voting rights cast.

"The Business Bakery LP, TIL’s 31.2 percent shareholder has also confirmed its intention to vote in favour of the scheme, subject to no superior proposal emerging," Baker said in a statement.

Shareholders will vote on the deal at a special meeting in Auckland, expected to be held on March 14, and the transaction also needs to be ratified by the High Court.

Baker said meeting materials will be sent out near the end of the month.

The shares rose 0.7 percent to $2.82.

(BusinessDesk)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.