Thursday 07 April 2016 04:48 PM
JBS bid for majority control of Scott Technology goes unconditional
By Edwin Mitson
April 7 (BusinessDesk) - Brazilian meat processor JBS's move to take majority control of Scott Technology has gone unconditional with the scheme of arrangement to be implemented next week.
In a notice to the NZX, Scott said the High Court had approved the scheme of arrangement on April 6. The company adds that it "is pleased that the process will soon be concluding and is excited to welcome JBS as a shareholder and strategic partner for the company. The Overseas Investment Office signed it off last month although the company had complained at how long that process took.
The deal will inject $41 million of new capital into Scott's industrial automation manufacturing business in return for 50.1 percent of the company. It was first announced to shareholders last October and was overwhelmingly backed at a meeting in November.
Shares in Scott Technology were unchanged at $1.67 and have risen 12.8 percent since the start of the year.