NEW ZEALAND: Frucor holds out for higher bids
Frucor shareholders have been asked to put off accepting Danone's NZ$294m offer for the New Zealand-based company in case a higher bid comes forward.
Chairman of Frucor's independent sub-committee, Ian Donald told shareholders at its Annual General Meeting on Thursday that while the committee will have ongoing dialogue with Danone, it would also be soliciting interest from other potential bidders.
"We believe the onus is on the independent committee to approach other potential bidders to ensure shareholders receive the best possible offer, however at this stage I don't want to speculate on the potential of competing bids to be received," he said.
But according to a report by Independent Newspapers Ltds, analysts are warning that such an offer may not be so forthcoming given that only Danone has come forward thus far since Frucor shareholder Bain Pacific decided to sell its 31% stake three months ago. And Danone also has a call option on 19.9% of Bain's stock.
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