Dairy Farmers says an independent expert has determined the National Foods proposal to acquire the Co-operative is in the best interests of its members in the absence of a superior proposal.
Chairman of Australian Consolidated Foods (which trades as Dairy Farmers) Ian Langdon said that the National Foods proposal would deliver members $5.65 per share.
He said this was in the upper half of the independent expert's valuation range of between $5.25 and $5.89 per ACF share.
"Following the ACF directors' unanimous recommendation of the National Foods proposal in August 2008, independent expert, Grant Samuel & Associates, has found it to be in the best interests of the Co-operative's members in the absence of a superior proposal," Mr Langdon said.
"The independent expert also acknowledges in its report that ACF has undertaken a rigorous and thorough competitive sale process, which culminated in the announcement that National Foods had submitted the most attractive offer."
The independent expert’s report, along with detailed information about the National Foods proposal, will be included in a Scheme Booklet to be sent to ACF members later this week.
This pack of information will also include the ballot papers for the upcoming member vote, which will determine whether or not the National Foods proposal goes ahead.
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