citrus mandarin orange farm crate
Image – Canva.
  • The berry and citrus farm company warms to the Roc offer again
  • Currently non-binding but is "likely a superior proposal"
  • New meeting date announced for 16 April 2021

The Vitalharvest (ASX: VTH) takeover battle between Roc Private Equity and Macquarie Agricultural Funds Management continues.

Back in late February, Vitalharvest received a takeover bid from Roc Private Equity. A week later, the berries and citrus farm company announced an “update” to the ASX, noting they were warming to the offer.

Vitalharvest then went into a trading pause in the second week of March, announcing Macquarie had responded to the Roc bid for Vitalharvest with a renewed offer.

A week later Roc came back to parry the offer with a four-cent premium to unit prices.

This week, VTH made a similar announcement to the early March “update” about the Roc Private Equity offer, this time again indicating it was warming to the new Roc offer of $1.12 per unit.

Similar wording to the previous “update” about the Roc offer was used, including: “… the Roc proposal would be reasonably likely to result in a Superior Proposal.”, and that VTH “… is able to negotiate with Roc with a view to agreeing a legally binding Superior Proposal, as defined in the revised scheme implementation deed (SID) with Macquarie Agricultural Funds Management Limited as trustee for the Macquarie Agriculture Fund –Crop Australia 2 (MAFM)”.

Today, Vitalharvest also provided unitholders with a Supplementary Scheme Booklet, with information on the Macquarie offer at $1.08 per unit, as well as the updated unitholder meeting date of 16 April 2021, as postponed from 4 March 2021.

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