- MAFM previously equalled a number of Roc raises on unit price
- The previous offer from Roc was $1.18
- Vitalharvest is assessing the revised proposal
Today the trend of Macquarie Agricultural Funds Management (MAFM) equalling a Roc Private Equity bid for Vitalharvest (ASX: VTH) ended.
Events to date
The ongoing duel for Vitalharvest saw its genesis in November last year when MAFM proposed to take over the company. The offer at the time stood at $1.00 per unit in VTH “by way of a trust scheme”, or if Vitalharvest unitholders did not approve the then a cash consideration or asset sale would amount to $300 million.
Come end of February, Roc Private Equity came into the fray, starting what has now become a two months long battle for the berry and citrus farm company.
Roc started the competition by offering the higher price of $1.08 per unit, the alternative for an asset sale was $314.8 million.
Exactly a week later, Vitalharvest went to market and said they were warming to the offer, which at the time was non-binding.
Playing out week by week, a trading halt came, followed by MAFM equalling the Roc Private Equity bid on largely the same terms.
7 days after that news, Roc Private equity came forth with its second offer, a revision of the offer which saw a four cent premium to the unit price, now $1.12 or $322.2 million for assets.
The next week Vitalharvest once again said they were warming to the Roc deal.
A fortnight later, Roc sent through a binding offer to Vitalharvest, which, if Vitalharvest determined it to be superior, would trigger a matching right process which would see Macquarie only provided five business days to respond. On the same day, it was announced MAFM matched the offer again.
A day later, Roc Private Equity upped the bid again adding another four cent premium. The third offer saw unit price offerings now at $1.16, or $329.6 million in assets.
One week passed and Macquarie matched the deal. A day later Roc upped the bid once again but only by two cents to $1.18, or $333.3 million in assets.
In time for the matching period rights, Macquarie has now ceased the previous trend of equalling the Roc bid.
Today MAFM increased the offer by one cent to $1.19, or $335.15 million in asset sales should unitholders of Vitalharvest not approve the trust scheme takeover.
It is too early to tell what the outcome will be, but the trend to date saw the initial increase on offers include an eight cent premium by Roc, followed by two four cent revisions, two cents, and now the MAFM increase of one cent.