Dairy Trust, the dairy subsidiary of New Zealand meat processor AFFCO, has increased its offer for Open Country Cheese (OCC).
The company has increased the offer consideration from 1.68 Dairy Trust shares for each OCC share to 1.75 Dairy Trust shares for each OCC share acquired. The new ratio of 1.75:1 is the maximum consideration increase permitted without seeking further AFFCO shareholder approval.
The deadline for the offer has also been extended by a week, with the offer now scheduled to close on 24 July, unless extended again.
Dairy Trust also announced that an agreement between AFFCO and Dairy Trust relating to the acquisition of three AFFCO sites and a NZ$15m (US$11.7m) cash subscription, originally announced on 12 March, was settled on 29 June.
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As a result, beneficial ownership of the sites at Moerewa, Horotiu and Wanganui has now transferred to Dairy Trust.
