NZ Binxi backs out of $25.4 million Blue Sky takeover

Tue, 21 Mar 2017

By Paul McBeth March 22 (BusinessDesk) - NZ Binxi (Oamaru) Foods, a subsidiary of China-based Heilongjiang Binxi Cattle Industry Co, has backed out of its $25.4 million takeover of Invercargill meat processor Blue Sky Meats after missing the deadline to get regulatory sign-off and as wet and cold weather undermined earnings. Blue Sky chairman Scott O'Donnell told shareholders Binxi pulled the pin on the deal after it didn't receive Overseas Investment Office approval by March 20, and that the wet and cold weather triggered a material adv...

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