AUSTRALIA: Cockatoo looks to buy Int'l Vintners
Cockatoo Ridge Wines is looking to raise funds for an acquisition. The winemaker today placed 7.7m shares at A$0.65 each to a range of overseas and local institutional clients of Blackwood Capital, to raise A$5m. Cockatoo will use the funds to acquire the wine trademarks and associated inventory of International Vintners Pty Ltd.
The acquisition, which will be earnings accretive immediately, is expected to cost A$4.6m.
Speaking to Australian Business News, managing director Ivan Limb said: "These brands are a perfect fit for Cockatoo Ridge.
"It fills an important gap in our product portfolio, giving us a presence in the premium product market," Limb added.
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