Farming Systems taps Grant Samuel to assess offer

Farming Systems hires Grant Samuel to assess Olam takeover proposal

July 21 (Businessdesk) – NZ Farming Systems Uruguay Ltd. hired Grant Samuel & Associates to provide an independent assessment of Olam International’s takeover proposal.

The developer of dairy farms in South America advised shareholders to take no action until they have the target company statement and the independent adviser’s report.

Olam, a Singapore-based global integrated supply chain manager of agricultural products and food ingredients, yestersday offered 55 cents per share cash for NZFSU, a 34% premium to its last trading price of 41 cents, valuing the target at $134 million. The shares last traded at 54 cents.

The Singapore company bought an initial 14.4% stake in NZFSU last September, and scooped up a further 4.1% tranche from the receivers of Rural Portfolio Investments in May. As part of the takeover, it has entered a lock-up agreement with PGG Wrightson to buy its 11.5% stake in NZFSU.

(BusinessDesk)

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