Africa Israel pulls out of Tnuva bid talks
ISRAEL - The dairy farmers’ bid for Tnuva Food Industries Ltd. has failed. Africa-Israel Investments Ltd. today notified the dairy farmers of the Israel Cattle Breeders Association that it would not return to the negotiating table.The dairy farmers were unable to meet the two threshold conditions Africa-Israel set for jointly acquiring Tnuva: their consent to give Africa-Israel control of Tnuva’s international activities and non-dairy activities in Israel, and proof that the Cattle Breeders Association had the support of at least 25% of Tnuva’s current shareholders for the sale of the company to Africa-Israel and the dairy farmers.
A minimum of 25% of Tnuva shareholders were needed to frustrate the proposal of Tnuva’s management to sell the controlling interest in the company to Apax Partners. A 75% majority of shareholders must vote in favor of the sale at Tnuva’s upcoming shareholders meeting in March.
Source: Globes Online