By LIAM DANN
The stock exchange loses another company from its ranks today as Gisborne vegetable processor Cedenco delists following a total takeover by Californian SK Foods (SKF).
SKF has completed the final stage of the compulsory acquisition process, despite uncertainty surrounding the final price that will be paid to a
select group of shareholders.
It is understood that at least one group of shareholders - representing about 55,000 shares - plans to object to the $2.30 offer price under the provisions outlined in a Takeover Panel ruling on September 26.
The panel ruled that all outstanding shareholders had the right to object to the price being paid by SKF, as did shareholders who accepted the offer between September 12 and 15.
SKF bought a significant portion of the shares it needed to reach 90 per cent outside the formal offer, contrary to the Takeovers Code.
If shareholders holding 127,473 shares - 10 per cent of the shares covered by the panel's decision - object to the takeover price, the matter will be referred to an independent expert, who will determine a fair value.
