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Brumby’s Management Confident of Buy-Out Success
Brumby’s Management Confident of Buy-Out Success
BBS, the syndicate behind a management buy-out offer for leading bakery franchise Brumby’s Bakeries Limited (BSX:BBL), today welcomed the announcement by the Board of Brumby’s of a deadline of this Friday, 23rd February, to enable non-conflicted directors to assess BBS's offer against the Retail Food Group (RFG) scheme offer.
Michael Sherlock, managing director and CEO of Brumby’s - who along with fellow director Marcus Barlow and general manager and company secretary Steve Brown comprise the BBS syndicate – said he was extremely confident that the offer to acquire 79.06% of the company held in non-associated shareholder’s hands for $2.80 cash for each BBH share and a fully-franked dividend of 10.883 cents per share would be successful.
“It is good to see the Board of Brumby’s has given RFG a final date to complete their due diligence,” Mr Sherlock said.
“Given BBS’s offer is 11.5 cents higher than RFG’s, we are looking forward to the Board assessing the competing offers.
“We are confident the Board will recommend BBS’s offer as being in the best interests of shareholders and franchises.”
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