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Article: Vintners uncork a bottler of a deal.
- Article from:
- Australasian Business Intelligence
- Article date:
- June 17, 2002
CopyrightCOPYRIGHT 2002 News provided by Comtex. 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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Jun 14, 2002 (The Sydney Morning Herald
ABIX via COMTEX) -- On 14 June 2002, Australia's Cranswick Premium Wines and Evans & Tate announced their long-awaited $A120m merger. However, the deal had to be hastily reworked at the last minute after Cranswick warned that excess red wine inventory would force it to incur a loss in 2001-02 of up to $A15m. As a result, the deal was reworked to reflect a 13% drop in Cranswick's net tangible asset valuation to $A1.15 a share. Following the announcement, Evans & Tate shares fell by $A0.12 to $A1.35 as investors felt Cranswick had more to gain from the merger, which essentially combines Cranswick's extensive European ...