Bright Dairy cleared to creep higher after Synlait Milk float

Sun, 14 Jul 2013

By Paul McBeth July 15 (BusinessDesk) - China’s Bright Dairy & Food can build its stake in Synlait Milk back up to 41 percent once the dairy processor has joined the stock exchange later this month. The Takeovers Panel granted an exemption to the Synlait Milk shareholder for Bright Dairy to keep its stake at 41 percent by purchasing shares on-market if the initial public offer diluted its investment below that level. Bright Dairy, which doesn’t plan to participate in the IPO and will end up with about 39 percent after the July 23 float, c...

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