KEY POINTS:
An independent report has found the takeover offer by Affco subsidiary Dairy Trust for a Waikato cheesemaker is fair to Affco shareholders not associated with the proposal.
Dairy Trust, 70 per cent owned by Affco, was launched in March to develop, own and manage a small number of dairy plants.
This week the trust announced it was interested in making a takeover offer in scrip for Open Country Cheese.
Yesterday the shareholding ratios of the other cornerstone shareholders in Dairy Trust were announced.
Dairy Investment Fund will hold a 20 per cent stake, and Balle Bros Holdings and Waipahi Dairy Farms will each hold 5 per cent.
Dairy Investment Fund and Balle Bros are existing shareholders in Open Country Cheese, holding 9.6 per cent and 3 per cent respectively.
Talleys, which holds a 50 per cent stake in Affco, holds 29.9 per cent in Open Country Cheese.
- NZPA
