No Increase in Bid for Blue Sky Meats

No Increase in Bid for Blue Sky Meats

NZ Binxi has received a good volume of acceptances for its offer for Blue Sky Meats (BSM) to date but would need to see acceptances continuing to flow if the offer is to succeed. All acceptances must be received by BSM shareholders by 18 February 2017.

The directors of NZ Binxi consider the cash offer of $2.20 per BSM share correct and full value for the BSM company, as it is at the top end of the value scale and is supported by the Target Company Statement. We have fully considered all aspects of the business, the competitive environment, historical and current financial results, overseas market conditions and future capital required to operate the improved business performance.

NZ Binxi will therefore not be increasing its current bid with $2.20 being our final price. The BSM Directors have been advised of that. We believe BSM shareholders have all the information they require to make a decision whether to accept the NZ Binxi offer and there is no need to WAIT as directed by BSM directors.

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