+33 680 38 14 46
Turners & Growers finally moves in on Kerifresh
New Zealand
Monday 28 January 2008
Leading New Zealand fresh produce group Turners & Growers has acquired a 53 per cent share of lemon and kiwifruit producer Kerifresh following a Takeovers Panel investigation.
Turners & Growers originally tabled a 1.05 EUR a share takeover bid for Kerifresh last October, but suspended the offer amid concerns that some Kerifresh executives had breached the country's Takeovers Code.
But the produce group successfully acquired 21.2 per cent of Kerifresh at an auction called by the Takeovers Panel on Wednesday (23 January), a figure that was later increased to 53 per cent.
"We're quite happy to own the whole company - on the other hand, if people, don't want to sell, no one's holding a gun to their heads," Turners & Growers chairman Tony Gibb told the New Zealand Herald.
"Kerifresh and Turners & Growers will work together, and Turners & Growers' view is that it wants to expand (Kerifresh's) operations in Northland, not contract them," he added.
Turners & Growers originally tabled a 1.05 EUR a share takeover bid for Kerifresh last October, but suspended the offer amid concerns that some Kerifresh executives had breached the country's Takeovers Code.
But the produce group successfully acquired 21.2 per cent of Kerifresh at an auction called by the Takeovers Panel on Wednesday (23 January), a figure that was later increased to 53 per cent.
"We're quite happy to own the whole company - on the other hand, if people, don't want to sell, no one's holding a gun to their heads," Turners & Growers chairman Tony Gibb told the New Zealand Herald.
"Kerifresh and Turners & Growers will work together, and Turners & Growers' view is that it wants to expand (Kerifresh's) operations in Northland, not contract them," he added.
