San Miguel extends closing date for National Foods

MELBOURNE - Philippines food and beverage group San Miguel today extended the closing date for its A$1.9 ($2.04) billion takeover offer for National Foods Ltd to May 27.

The offer was due to close on April 29 but in a letter to National Foods shareholders today, San Miguel said the offer had been extended to enable it to acquire all their shares in the Australian dairy manufacturer.

San Miguel said the A$6.40 ($6.89) a share offer is free of all conditions and is unanimously recommended by the National Foods board.

San Miguel told shareholders that the rival bid from New Zealand co-operative Fonterra had now lapsed and that Fonterra was selling the Filipinos its 19 per cent stake in National Foods.

San Miguel said its offer is at the higher end of National Foods board's valuation range of A$6.01 to A$6.55 a share.

Shares in National Foods were unchanged at A$6.35 today.

- AAP