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Offeror(s): Talley's Group Limited
Independent Adviser(s): Northington Partners Limited (Rule 21)
Offer Date: 24/02/2014
Closing Date: 24/05/2014
Offer Type: Partial
Summary of Transaction:
On 24 February 2014, Talley’s Group Limited ("Talley’s") made a partial takeover offer for 24.0171% of the ordinary shares in Open Country Dairy Limited ("OCD") that Talley’s did not already hold or control.
The consideration offered for each share was $2.05 in cash
The offer was subject to a condition that Talley’s received sufficient acceptances such that, taken together with the shares already held or controlled by them, Talley’s would hold or control 70% of the shares in OCD
The offer closed on 24 May 2014 with Talley’s receiving acceptances that represented 27.83% of the shares in OCD. Accordingly, subject to the scaling of acceptances in accordance with the Code, the offer by Talley’s was successful.