Westland Co-operative Dairy Company Limited
Transaction Type: Scheme of arrangement
Offeror / Other Party: Hongkong Jingang Trade Holding Co., Limited
Independent Adviser(s): Grant Samuel & Associates Limited
Date of meeting: 4/07/2019
Westland Co-operative Dairy Company Limited (Westland) proposed to undertake a Court-approved scheme of arrangement under Part 15 of the Companies Act 1993 to effect the acquisition of 100% of Westland’s shares by Hongkong Jingang Trade Holding Co., Limited (Jingang). Jingang was a wholly-owned subsidiary of Inner Mongolia Yili Industrial Group Co., Limited. The consideration payable under the proposed scheme was NZD$3.41 cash per share. In addition, Jingang made commitments to collect milk from Westland’s suppliers at a minimum price for approximately 10 years.
Westland shareholders voted to approve the scheme on 4 July 2019. The High Court granted final orders approving the scheme on 18 July 2019.
Grant Samuel & Associates Limited prepared an independent adviser’s report on the merits of the proposed scheme and the fairness and reasonableness of the consideration and terms of the offer as between the different classes of shares.
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