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(Reuters) – Australia’s United Malt Group said on Monday it had accepted a $999 million takeover bid from Malteries Soufflet, a subsidiary of French agricultural cooperative InVivo, in a deal that should make the latter the biggest producer malt world.
The takeover will double the size of the malt business three years ahead of schedule, Malteries Soufflet chairman and InVivo chief executive Thierry Blandinieres told Reuters when the offer was announced. , last March.
The A$5 per share represents a 45.3% premium to United Malt’s closing price on March 24, before the offer was disclosed.
United Malt is the world’s fourth largest commercial malt producer for brewers, distillers and food companies. The company has processing plants in Canada, the United States, Australia and the United Kingdom as well as an international distribution unit.
This takeover must now be approved by the Australian Foreign Investment Review Board (FIRB) as well as by the shareholders of United Malt.
In a statement, the Australian group’s chairman, Graham Bradley, said the board believed the offer adequately reflected the value of United Malt’s assets and its anticipated near-term revenue growth.
All members of United Malt’s board of directors have recommended that shareholders approve the proposal.
(Written by Harish Sridharan in Bangalore; Jean Terzian)
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