Kerifresh bid launched

Turners and Growers Horticulture has launched its total takeover offer for Kerifresh. The company, a subsidiary of listed Turners and Growers Ltd, is offering $2.10 per share.

T&G recently suspended its proposed takeover of Kerifresh after the Takeovers Panel determined that certain existing Kerifresh shareholders had breached the Takeovers Code. About 1.6 million shares were then auctioned and T&G was the successful bidder, taking its stake to just under 26 per cent.

T&G said it had already entered into binding agreements with a number of Kerifresh shareholders which would in aggregate total 53.06 per cent. The offer is conditional in obtaining more than half the shares.