TUR: Update to BayWa Offer


In relation to its full takeover offer for Turners & Growers Limited (T&G) under the Takeovers Code (the Offer), BayWa Aktiengesellschaft (BayWa) advises:
• Yesterday Scales Corporation Limited (Scales) announced that it had acquired a minority shareholding in T&G and that Scales is supportive of T&G remaining listed on the New Zealand Stock Exchange.

• As previously advised to the market, on 12 December 2011 Guinness Peat Group plc accepted the Offer in respect of its 63.46% shareholding. As a result, the Offer is not conditional on achieving any further acceptances, and BayWa reiterates that it is prepared to be a majority shareholder in an NZX-listed T&G.

• The Offer has received the required merger control clearance from the German Federal Cartel Office.

• BayWa currently does not expect a decision on its application for consent from the New Zealand Overseas Investment Office prior to the close of the Offer on Monday, 9 January 2012. If that is the case, BayWa intends to extend the offer period. Notice of any extension of the offer period will be announced and advised to equity security holders of T&G closer to that time.

23 December 2011

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