AUS: Mass exodus of Southcorp directors
Five Southcorp directors have stepped down from the wine company's board. Foster's Group, which upped its holding in Southcorp to 91% today (26 May), has consolidated its ownership by appointing three directors to the wine group's board.
Among the five that have resigned is chief executive John Ballard.
The Foster's appointees include president Frank Swan and chief executive Trevor O'Hoy. Southcorp chairman Brian Finn will remain with the company, with present secretary Martin Hudson acting as interim chief executive.
A revised assessment by Southcorp's independent expert has valued the company's shares closer to the bid value offered by Foster's Group....
Australian liquor giant Foster's bid for winemaker Southcorp is gathering momentum....
As one takeover story trundles on, another one has just moved up a gear....
The chief executive of Foster's believes the global premium wine industry is on the upturn....
Foster's Group Ltd is expected to announce that it is lifting its offer for fellow Australian Southcorp, transforming three months of corporate hostility into a friendly takeover....
Shares in Southcorp and Foster's have been halted from trading, pending an announcement....
Southcorp's share price has dropped below the offer price made by Foster's for the first time today (18 April)....
Foster's Group is considering upping its bid for Southcorp prior to extending its offer once again....
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