Open Country Dairy Limited
Transaction Type: Takeover (Partial)
Offeror: Talley's Group Limited
Independent Adviser(s): Northington Partners Limited (Rule 21)
Offer commencement date: 24/02/2014
Offer closing date: 24/05/2014
On 24 February 2014, Talley’s Group Limited (Talley’s) made a partial takeover offer for 24.0171% of the ordinary shares in Open Country Dairy Limited (OCD) that Talley’s did not already hold or control.
Key terms:
- The consideration offered for each share was $2.05 in cash; and
- The offer was subject to a condition that Talley’s received sufficient acceptances such that, taken together with the shares already held or controlled by them, Talley’s would hold or control 70% of the shares in OCD.
The offer closed on 24 May 2014 with Talley’s receiving acceptances that represented 27.83% of the shares in OCD. Accordingly, subject to the scaling of acceptances in accordance with the Code, the offer was successful.
