7 Sep 2010

NZFS shareholders urged by Olam to accept offer

11:30 am on 7 September 2010

Olam International of Singapore is urging shareholders in New Zealand Farming Systems Uruguay to accept its takeover offer.

The company increased its cash offer to 70 cents per share last month.

NZFS directors recommended shareholders sell part of their stakes to Olam to allow it to buy more than 50% of the company.

Olam needs to acquire 50.1% of the company for its deal to be successful.

It's already had acceptances from some major shareholders, which give it a stake of 38%.

The offer closes on 24 September.