NZ Binxi won't budge on $2.20 takeover price for Blue Sky

Fri, 27 Jan 2017

By Paul McBeth Jan. 27 (BusinessDesk) - NZ Binxi (Oamaru) Foods, a subsidiary of China-based Heilongjiang Binxi Cattle Industry Co, won't budge on its $2.20 per share takeover price for Invercargill meat processor Blue Sky Meats. Last week, Blue Sky's directors told shareholders they want NZ Binxi to lift its offer by 30 cents per share before they'll recommend it after a strategic review outlined what the meat processor needs to do to drive profit growth. The offer for 86.5 percent of Blue Sky that NZ Binxi doesn't own closes on Feb. 18...

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