The following statement was released by the company
NZ Farming Systems Uruguay issues don’t sell guidance and receives notice of takeover offer.
NZ Farming Systems Uruguay (NZS) advises that it has today received the attached takeover notice from Olam International Limited. Shareholders will be sent the offer and related documentation in the next two weeks, and NZS will issue a target company statement including an independent appraisal report. The directors recommend that shareholders await receipt of the target company statement before making any decision regarding the offer.
The target company statement will include an independent appraisal report on the merits of the offer, or a summary of that report. NZS advises that it is also well advanced in negotiations with PGG Wrightson (PGW) about internalisation of the management agreement (i.e. repurchase of management agreement), and entering into a long term preferred supplier agreement, and expects to make an announcement on this shortly. In the meantime, directors recommend that shareholders do not make any decisions to sell their shares.