Fonterra extends takeover offer for National Foods
Will now have until March 22 to announce whether it will increase its so-far-unsuccessful bid of $A5.45 ($NZ5.99) a share, or seek a further extension.
01/03/05 New Zealand dairy giant Fonterra has extended - for the third time - its takeover offer for Australia's National Foods to March 29.
It announced the new date in a message to the New Zealand Stock Exchange.
The Fonterra offer had been due to expire on March 8, and Fonterra had to inform the market by whether it would further extend or increase the offer.
Under Australian rules, Fonterra, which already owns 20 per cent of National Foods, will now have until March 22 to announce whether it will increase its so-far-unsuccessful bid of $A5.45 ($NZ5.99) a share, or seek a further extension.
So far its offer has been trumped by a bid of $A6 ($NZ6.59) a share from Philippines food and beverage group San Miguel, whose offer is due to close on March 18.
