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Article: Runaway director'ssale clinches the deal.
- Article from:
- New Zealand Herald (Auckland, New Zealand)
- Article date:
- July 4, 2007
CopyrightCOPYRIGHT 2007 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In a surprise twist to the battle for Open Country Cheese, Bruce Clothier has broken ranks with his fellow independent directors and sold his shares to a takeover offer by rival milk processor Dairy Trust, which appears to have succeeded.
Fearing Open Country might fall into foreign hands, Clothier has accepted Affco subsidiary Dairy Trust's higher offer, which it claims will give it enough agreements to assume control.
The increased offer of 1.75 Dairy Trust shares for each Open Country share values the Waikato dairy exporter's stock at $2.35, 10c higher than its original offer, which Clothier and fellow independent directors Wyatt Creech and Duncan ...