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Open Country Cheese independent directors Wyatt Creech and Duncan Milne are making a last-ditch appeal to shareholders not to accept Affco subsidiary Dairy Trust's higher takeover offer for the Waikato-based dairy exporter.
On Monday, Dairy Trust announced plans to boost its scrip-only offer from 1.68 Dairy Trust share for each Open Country share to 1.75, after which it claims it will have passed the 50.1 per cent minimum acceptance level needed to call the takeover a success.
Although independent director Bruce Clothier says he will accept the revised offer to keep Open Country in New Zealand hands, Creech, a former deputy prime minister, and Milne - who both sold shares to Singapore's Olam - say the new offer still undervalues Open Country shares and overvalues those of Dairy Trust.
