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.
calendar icon 2 February 2007
clock icon 1 minute read

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

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.