Synlait Farms Limited
Transaction Type: Takeover (Full)
Offeror: SFL Holdings Limited
Independent Adviser(s): Grant Samuel (Rule 21)
Offer commencement date: 1/11/2013
Offer closing date: 29/01/2014
Exemption: Synlait Farms Limited - Exemption Notice 2014
On 1 November 2013, SFL Holdings Limited (SFL) made a full takeover offer for all the ordinary shares in Synlait Farms Limited (Synlait Farms).
Key terms:
- The consideration offered for each share was $2.10 in cash plus $0.001957 per Synlait Farms share per day from 1 January 2014 until the offer was declared unconditional.
- The offer was conditional on:
- SFL receiving acceptances that would result in it holding or controlling 90% or more of the voting rights in Synlait Farms;
- Overseas Investment Office approval; and
- Chinese government regulatory approval.
The offer closed on 29 January 2014 with SFL receiving acceptances in respect of 99.58% of the shares in Synlait Farms.
On 26 February 2014, the Panel granted an exemption to SFL from rule 25(3A) and 25(4) of the Code in respect of the condition date of the offer.
SFL announced that the offer had gone unconditional on 4 March 2014. On 6 March 2014, SFL despatched the compulsory acquisition documents to acquire the remaining 0.42% shares in Synlait Farms.
