AUS: McGuigan set to unveil acquisition plans
Trading in the shares of McGuigan Simeon has been halted on the Australian stock market as the wine group looks set to announce an acquisition.
McGuigan Simeon asked for a trading halt today (26 February) "pending the release of announcements by the company on an acquisition and a placement to fund that acquisition". The company said the trading halt would last up to two days.
Last week, McGuigan Simeon confirmed that it was in the early stages of takeover talks with Nepenthe Group. Based in the Adelaide Hills, Nepenthe was created in 1994 by the Tweddell family. The company exports to several markets, including the UK and US.
Officials at McGuigan Simeon could not be reached for further comment as just-drinks went to press.
The company has had a difficult 12 months, reporting a net loss of A$11.5m (US$9.1m) for the year to 30 June, after writing off almost A$30m in stocks amid a red wine glut.
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