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