The company said it would resist the current offer, believing it not to be in the best interests of shareholders.
“The indicative proposal is incomplete, non-binding and subject to a number of conditions,” said a company statement. “After taking advice from professional advisers, the board has informed the third party that the indicative proposal does not incorporate appropriate value to reflect the strong prospects of the company and it cannot be recommended to shareholders in its current form.
“Accordingly, there is no certainty that any transaction will eventuate and the board recommends that shareholders take no action in respect of their shareholdings in WCB on this issue.”
Source: Australian Food News
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