cirtus lemon lime farm
Photo – Canva. The citrus and berry company, Vitalharvest is considering a takeover bid by Roc Private Equity
  • 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.

You May Also Like

Westpac sees rates hitting 4.1 per cent and property prices falling further

Westpac said, “2023 will be another challenging year, particularly as the RBA continues to ratchet interest rates higher.”

Home loan hacks: four way to save money on your mortgage

With interest rates expected to keep rising, Compare Club has tips to ease the mortgage pain.

CoreLogic’s guide to navigating a looming ‘fixed-rate cliff’

Many borrowers will feel mortgage pain when they next refinance

How much does it cost to move house?

From cleaning fees to moving services, the costs of moving houses can add up fast

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Thinking of borrowing for a new home? We decode the home loan lingo and explore ...

We take a look at everything from principal and interest to rates and more.

A window of opportunity could be open for savvy Australian property investors, but time is ...

One expert has noticed investors are on the move while there's less competition and fewer buyers in the marketplace.