- Takeover offer initially announced one week ago to the day
- Roc Private Equity the likely candidate to complete offer
- Unitholder meeting and conditional distributions both delayed
Exactly a week ago, The Property Tribune reported on a potential takeover bid for Vitalharvest (ASX: VTH) by Roc Private Equity Ltd.
The “leading alternative investment management firm” made a proposal for 100% of the berry and citrus property company, Vitalharvest currently has four berry properties across New South Wales and Tasmania and 3 citrus farms in South Australia.
Today, Vitalharvest released an update to the ASX stating it had “determined that the Roc proposal would be reasonably likely to result in a Superior Proposal.”
The agricultural properties company reaffirmed that despite announcing it saw the Roc Private Equity offer as the preferred choice over Macquaries Agricultural Funds Management Limited, the offer “has not at this stage determined that the Roc proposal is in fact a Superior Proposal.”
Vitalharvest also stated they would “consider any response from Macquarie”.
It seems likely Roc will be the way forward, VTH said the company “… has made this determination and is able to negotiate with Roc with a view to agreeing a legally binding Superior Proposal, as defined in the scheme implementation deed (SID),” Vitalharverst followed this comment stating, as previously mentioned, it is not yet set in stone, and that “VTH RE will continue to assess the Roc proposal but does not recommend, support or endorse Roc’s non-binding proposal at this time. VTH unitholders do not need to take any action in relation to the Roc Proposal pending VTH RE’s assessment.”
Vitalharvest also announced a conditional distribution of 2.5 cents per unit, expecting to pay out on 17 March of this year due to the postponement of a unitholder meeting.