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Another offer scorned

This article was originally published in Foodnews

GOLDEN Circle in Australia has rejected another merger proposal, this time from fruit juice company Pure and Natural Beverages. Golden Circle recently rejected Coca-Cola Amatil's A$1/share bid. The latest offer was reportedly for around A$216.1 million, including a debt of about A$130 million, or A$1.05/ share. Golden Circle is now planning restructuring to overcome financial problems and continues to back a proposal from Anchorage Capital Partners for a 35% stake at A$0.80/ share. Grower shareholders have given their backing to a plan to sell 35% of the company to Anchorage Capital Partners, in a deal worth around A$35 million. About 70% of shareholders that voted approved the move. This will give shareholders a future stake in a planned stock market listing of the company in about two years.

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