Tegel Group Holdings will officially leave the NZX and ASX later this month once Bounty Fresh Foods finishes mopping up minority shareholders.
Trading of the shares will be suspended at the close of trading today to let the Philippines poultry company acquire the remaining shares. The stock will then be de-listed on Oct. 23.
Bounty crossed the 90 per cent threshold needed for a compulsory takeover of Tegel in August, offering $1.23 a share, valuing the Kiwi poultry group at $437.8 million. The Philippines company declared the takeover unconditional last month after the Overseas Investment Office signed off on the deal.
The takeover bid got the blessing of Tegel's board in June, which accepted the price was fair and that Bounty's majority shareholding would create uncertainty for minority investors. Bounty secured an initial 45 per cent stake from Affinity Equity Partners, worth about $197 million, and by the time it formally lodged its takeover in May it had already secured another 13 per cent.
The $1.23 offer was a premium to the 82 cents the shares traded at before Bounty's interest emerged. However, the stock had struggled since its 2016 initial public offering when it was sold at $1.55, the lower end of the $1.50-to-$2.50 range it was seeking.
