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.

 Key terms:

  • 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.