By Stuart Condie
SYDNEY–Australia’s United Malt Group entered into a takeover agreement with Malteries Soufflet after more than three months of engagement with Europe’s largest commercial maltster.
United Malt on Monday said that its directors unanimously recommended Malteries Soufflet’s 5.00 Australian dollar (US$3.33) a share offer, which valued the Australian company at about A$1.5 billion.
“The United Malt board believes that the scheme consideration appropriately reflects the value of our asset portfolio and the anticipated improvement in our near term earnings outlook,” United Malt Chairman Graham Bradley said.
United Malt, which spun out of grain processor GrainCorp in 2020, announced an unsolicited approach by Malteries Soufflet on March 28. The stock traded at A$3.44 before the announcement and was last at A$4.40.
The takeover is subject to a shareholder vote and regulatory approvals including by Australia’s foreign investment watchdog.
Write to Stuart Condie at [email protected]
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