Affco subsidiary Dairy Trust has confirmed its takeover bid for Waikato-based dairy exporter Open Country Cheese has succeeded.
But just how successful might not be clear until the end of the week.
"Dairy Trust has received sufficient acceptances to its takeover offer for Open Country Cheese Company Limited to satisfy the minimum acceptance condition," Dairy Trust and Affco chairman Sam Lewis said.
"The offer, which closed yesterday, is now unconditional in all respects."
Lewis said final acceptance numbers would be confirmed and advised to the market either today or tomorrow. "Following this finalisation process, notice of allotment of Dairy Trust shares will be sent to OCC shareholders who accepted the offer."
Official notification to the market of Dairy Trust's triumph follows the dairy industry aspirant's declaration last month that it would pass the minimum 50.1 per cent threshold if it lifted its scrip only offer of 1.68 Dairy Trust shares per Open Country share to 1.75.
The original offer, made in May, was extended a number of times from its original closing date of June 30, with the latest extension being until July 24.
There was no formal communication that the offer had been extended yet again to July 31.
Affco has already transferred beneficial ownership of processing plants at Moerewa, Horotiu and Wanganui to Dairy Trust, which is still negotiating with the Invercargill City Council over a fourth site.
Lewis said the company was already seeking milk suppliers in the Southland region, but that specifics such as pricing had yet to be finalised.
Lewis said there was no intention to poach Open Country Cheese suppliers.
Dairy Trust says one of the benefits of coming on board as a supplier is that no capital contribution is required, unlike Fonterra, whose suppliers must purchase shares proportional to the amount of milksolids they supply.