Open Country Dairy Limited

 

Transaction Type: Takeover (Partial)

Offeror: Talley's Group Limited

Independent Adviser(s): Northington Partners Limited (Rule 21)

Offer dispatch date: 24/02/2014

Offer closing date: 24/05/2014

 

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; and
  • 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 was successful.