Citrus farm
Citrus farm. Image – Canva.
  • Roc has increased its proposal from $1.12 to $1.16 per unitholder
  • Rival MAMF now has five days to match or beat the latest Roc offer
  • VHF Share price was up 3.9% on the day to 1.185

The Vitalharvest (ASX: VTH) takeover bidding war took another turn today when Roc Private Equity raised their bid to $1.16, up from $1.08 a unit offered last week, and $1.12 a few days ago.

An original offer made by Macquarie Agricultural Funds Management (MAFM) was made in mid-November 2020.

In February, MAFM announced they had equalled an earlier bid from Roc, who raised their bid again, this time to $1.12 per unit.

A short while later, Vitalharvest came out with a similar statement to a previous one warming to Roc, this time deeming the new Roc offer a likely superior proposal.

Today’s announcement

Roc has increased its proposal to $1.16.

Following yesterday’s announcement, the Vitalharvest Board had considered a revised proposal from MAFM to acquire all the units in VTH for $1.12 per unit or the assets for $322.2m and had deemed it was an equivalent or superior outcome for VTH unitholders.

The new $1.16per unit (or the assets for $329.6 million) modified offer from Roc is otherwise on the same terms as its binding offer made earlier.

“Having assessed both the Further MAFM Offer and the Modified Roc Offer, the VTH RE Board has determined that the Modified Roc Offer is:

  • a Superior Proposal to the Further MAFM Offer received on 6 April 2021;
  • which is on terms capable of acceptance; and
  • which, subject to MAFM’s matching right process, VTH RE has elected to accept by entry into a scheme implementation deed with Roc (Roc SID).”

ASX Statement from Vitalharvest

Vitalharvest has now notified MAFM that it has five business days to match or provide a superior revised offer as compared to Roc, or 5pm on 14 April 2021.

If MAFM decides not to exercise its matching right, the Vitalharvest board signalled their intent to proceed with Roc and terminate discussions with MAFM.

As of close of trading today (8 April), Vitalharvest Freehold Trust (ASX:VTH) share price was up 3.9% on the day to $1.185.

The story continues…

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