Independent directors in New Zealand’s Open Country Cheese (OCC) are urging the company’s shareholders to reject a higher takeover bid from Dairy Trust.
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Earlier this week, Dairy Trust upped its bid to buy OCC, offering investors 1.75 shares in Dairy Trust for every OCC share. Dairy Trust’s initial bid offered 1.68 of its shares for every OCC share.
However, two directors, Wyatt Creech and Duncan Milne, has written to holders of OCC stock to urge them to rebuff the offer.
“We remain convinced that the revised offer should not be accepted,” Milne told shareholders. “Based on our analysis of the position, including the independent adviser’s report, we believe that the proposed revised offer significantly undervalues Open Country shares and overvalues the Dairy Trust shares.
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