Australian fruit processor Golden Circle has rejected a revised takeover bid from Coca-Cola Amatil.

CCA has offered A$1 per share for Golden Circle, valuing the target at about $210m (US$185.7m) including $130m in debt. The bid had already been refused once, but CCA removed a number of unspecified conditions from the offer before re-submitting it yesterday (3 October).

Golden Circle chairman Ern Pope said the board had unanimously decided against accepting the adjusted offer in favour of a $35m recapitalisation deal put forward by Anchorage Capital Partners, which will take a 35% stake in the company.

Pope said the recapitalisation will be used to repay debt, saving about $7m a year in interest costs.

He said the board was open to further approaches from CCA, but plans to recommend shareholders vote in favour of the Anchorage offer at a meeting to be held on 29 October.