Vitalharvest victory
The battle for Vitalharvest may now be over? Image – Canva
  • Roc made six offers, topping out at $1.25
  • MAFM made seven offers, their latest of $1.26 has now been accepted
  • Vitalharvest board unanimously recommends the MAFM proposal

After a baker’s dozen of takeover offers, six from Roc Private Equity and seven from Macquarie Agricultural Funds Management (MAFM), ASX-listed agricultural property business Vitalharvest (ASX: VTH) has decided on its suitor.

After a flurry of activity late last week, including a pause in trading pending an announcement, this morning the latest offer from MAFM of $1.26 has been approved by the board of Vitalharvest.

In a statement to the ASX today, Vitalharvest also announced that its engagement with Roc has ended. After updating all the details of this latest proposal, unitholders will hold a meeting this month to vote on it.

Macquarie’s proposal is $1.26 per unit or in the asset sale alternative where unitholders vote against the first option, $348.1 million, is nearly two million dollars more than the Roc Private Equity offer.

The original MAFM offer was $1 per unit back in November last year, when all this began, or $300 million. So, the bidding battle between MAFM and Roc has seen the price per unit rise 26% in the interim six months.

Before all this began, the share price (in early November 2020) was 77 cents.

Vitalharvest Share Price, past six months

VTH share price
Source: Google, ASX.

The VTH share price has been rising steadily during this period, from around 95 cents to $1.28 at the time of publication.

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