Sign up Australia
Proactive Investors - Run By Investors For Investors

Tegel Group Holdings surges after receiving takeover notice from another poultry provider

Large Philippines poultry company intends to acquire all issued shares at a price of NZ$1.23 per share.
Takeover sign
Tegel’s board has appointed an independent sub-committee to review the takeover notice

Tegel Group Holdings Ltd (ASX:TGH) (NZE:TGH) surged 42% to $1.07 after receiving a notice of takeover from a subsidiary of Bounty Fresh Food, Inc, one of the largest poultry companies in the Philippines.

The notice signifies that Bounty Holdings New Zealand Limited intends to acquire all issued shares in the New Zealand-based poultry supplier at a price of NZ$1.23 per share.

Dividend forms part of notice

Under the terms of the notice, Tegel is also permitted to pay a dividend of up to NZ 4.1 cents per ordinary share prior to closing of the offer, without adjustment to the offer price.

The notice is not an offer and will entitle but not oblige Bounty to make an offer at any date between May 10 and May 26, 2018.

Sub-committee appointed

Tegel’s board has appointed an independent sub-committee to respond to Bounty’s takeover notice.

Bounty has vertically integrated farm-to-plate operations incorporating breeding, raising, processing and retailing, including locally and via export to other parts of Asia.

View full TGH profile View Profile

Related Articles

company logo with user generated content such as pictures
March 12 2018
MediaConsent will complement the company's rapidly expanding core business.
1510629376_Agent-Reality-and-Sweep.JPG
November 16 2017
Thred's Geoff Marshall at Proactive's CEO Sessions in Melbourne and Sydney.
picture of trading screens
November 30 2017
Tavistock’s optimism is based on the surge of money into its seven discretionary funds that trade under the Acumen brand.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use