San Miguel secures control of National Foods
San Migeul has two other businesses in Australia, premium brewer J. Boag and Son, a wholly owned subsidiary, and leading fruit juice company Berri, Ltd., in which San Miguel Corporation holds a majority stake.
03/06/05 San Miguel Corporation has secured majority control of National Foods Limited, Australia’s leading dairy manufacturer.
As of May 26, 5:00 pm , acceptances for 76.34% of National Foods shares had been received for the offer by San Miguel Foods Australia Holdings Pty Ltd (San Miguel). This figure includes the acceptance in respect of the 19.02 relevant interest held by Fonterra Cooperative Group Limited.
San Miguel Corporation, Southeast Asia’s largest food, beverage and packaging company with revenue of A$4.2 billion in 2004, launched a takeover bid for National Foods in late December 2004. The company has two other businesses in Australia, premium brewer J. Boag and Son, a wholly owned subsidiary, and leading fruit juice company Berri, Ltd., in which San Miguel Corporation holds a majority stake.
San Miguel’s offer for National Foods is unconditional. Accordingly, shareholders who accept the offer will be paid the offer consideration of $6.40 per share within 21 days after their acceptance is processed by San Miguel’s share registry. The offer is currently scheduled to close at 7.00pm (Melbourne time) on Friday 10 June 2005. The National Foods’ Board has unanimously recommended that National Foods shareholders accept San Miguel’s Offer now.
