Beston Global Food Company Confirms Receipt of Non-Binding Offer from Megmilk Snow Brand
Source: DairyNews.today
Beston Global Food Company Ltd (ASX: BFC) has addressed recent media speculation regarding a potential bid for its dairy assets, confirming that the company has received a non-binding offer from Japanese dairy giant Megmilk Snow Brand Co Ltd. The offer targets Beston’s cheese and lactoferrin production business located in Jervois, South Australia.
Megmilk Snow Brand, a Tokyo Stock Exchange-listed company (TYO: 2270) with a market capitalization of AUD 1.7 billion, is one of Japan’s largest dairy producers. The offer is subject to several conditions, including bank and shareholder approvals. The proposal includes multiple components, with specific terms still under discussion between the parties. Megmilk Snow Brand has a long history of acquisitions in Australia, including Unicorn Cheese and Udder Delights, and has recently expanded its presence in the region with new investments, including a cheese processing plant in Ho Chi Minh, Vietnam.
The Board of Beston Global Food Company is currently reviewing the offer, engaging with Megmilk Snow Brand to clarify key aspects, particularly around the total purchase price. The company is also in discussions with its banking partners as part of the review process.
Beston Global Food Company, the largest dairy producer in South Australia and the seventh-largest in Australia, employs nearly 300 people and continues to build relationships in both domestic and international markets. The company is recognized for delivering high-quality Australian dairy products, backed by strong relationships with its valued farmers.
The Board of Beston will continue to work through the details of the offer and provide updates as discussions progress.
This announcement has been authorized by the Board of Beston Global Food Company. For further information, please visit bestonglobalfoods.com.au.
The Board of Beston Global Food Company is currently reviewing the offer, engaging with Megmilk Snow Brand to clarify key aspects, particularly around the total purchase price. The company is also in discussions with its banking partners as part of the review process.
Beston Global Food Company, the largest dairy producer in South Australia and the seventh-largest in Australia, employs nearly 300 people and continues to build relationships in both domestic and international markets. The company is recognized for delivering high-quality Australian dairy products, backed by strong relationships with its valued farmers.
The Board of Beston will continue to work through the details of the offer and provide updates as discussions progress.
This announcement has been authorized by the Board of Beston Global Food Company. For further information, please visit bestonglobalfoods.com.au.
23.09.2024
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