Bounty Fresh Chicken, a leading poultry producer from the Philippines, is interested in acquiring New-Zealand-based Tegel Group in a takeover bid worth $437.8 million at a 50% premium to the share price, as reported by New Zealand Herald.
Bounty Fresh is targeting a full takeover but the company will also accept a 50% stake. In addition, the company must obtain the approval for the takeover from the Overseas Investment Office and for the deal to go through Tegel must meet certain earnings thresholds.
Tegel announced in a statement to the New Zealand Stock Exchange that it had appointed Goldman Sachs to advise on this takeover bid.
Tegel can pay a dividend of up to 4.1c a share that would not affect the offer price, as stipulated by the terms of the notice.
