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Article: Report backs PGG Wrightson offer; SILVER FERN FARMS
- Article from:
- The Press
- Article date:
- August 21, 2008
- Author:
CopyrightCopyright 2008 The Press. Provided by ProQuest LLC. (Hide copyright information)
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PGG Wrightson's (PGGW) offer for 50% of Silver Fern Farms (SFF)
is within a $205-$225 million valuation range and does not
disadvantage existing farmer-shareholders, an independent report
says.
Listed Christchurch rural services group PGGW is offering $220m
for the 50% stake, near the top of the range provided by independent
appraiser Grant Samuel. The report, out yesterday, says having a
committed partner "has the potential to bring significant benefits
to both" PGGW and SFF, the nation's largest meat processor with
annual turnover of $1.8 billion - nearly twice that of rivals
Alliance or AFFCO Holdings.
The report said if the proposed transaction is implemented the
Dunedin meat co- ...