The board of National Foods has unanimously recommended that its shareholders accept a revised offer from New Zealand dairy giant Fonterra in the absence of a superior proposal.
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Fonterra today (Wednesday) increased its offer for National Foods to A$6.00 (US$4.68) a share from $5.35 per share in the event it acquires a relevant interest in at least 50% of National Foods and said it would further increase its offer for National Foods to $6.20 per share in the event it acquires a relevant interest in at least 90% of National Foods.
Assuming the 90% minimum acceptance condition is satisfied, the revised offer values National Foods at approximately $1.84bn and is 30 cents per share or 5.1% more than the current offer from San Miguel of $5.90 per share.
