Offeror(s): NZ Binxi (Oamaru) Foods Limited

Independent Adviser(s): Campbell MacPherson (Rule 21)

Offer Date: 21/11/2016

Closing Date: 18/02/2017

Offer Type: Full

On 4 November 2016, NZ Binxi (Oamaru) Foods Limited (“Binxi”) gave notice of its intention to make a full takeover offer for Blue Sky Meats (NZ) Limited (“BSM”).

Binxi despatched its offer to shareholders on 23 November 2016. It offered $2.20 per share for 100% of the ordinary shares in BSM that it did not already own.

After the offer period was extended by Binxi, the offer closed on 18 February 2017. When the offer closed, Binxi had received acceptances which, when taken with those ordinary shares already owned by Binxi, made Binxi the controller of approximately 96% of the ordinary shares in BSM.

The offer was subject to a number of conditions which had to be met or waived by 20 March 2017 (the “condition date”) for the offer to go ahead. On 21 March 2017, Binxi advised that two conditions had not been satisfied by the condition date and that, consequently, the offer had lapsed.

Campbell MacPherson prepared a rule 21 independent adviser’s report on the merits of the offer.

Key Documents

Takeover Offer:
Independent Adviser Report(s):