MELBOURNE - National Foods' board put the pressure on Fonterra yesterday by releasing a target's statement unanimously backing the bid by Philippines food and beverage group San Miguel.
This week, National Foods opened its books to Fonterra, whose initial bid of A$5.45 ($5.97) a share has since been trumped by San Miguel, which is offering A$6 a share.
Fonterra has been undertaking due diligence and is expected to reconsider its bid on Monday.
- AAP
Pressure on Fonterra
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