NZ Shareholders' Association to vote against Wrightson's seeds sale

Tue, 23 Oct 2018

By Paul McBeth Oct. 23 (BusinessDesk) - The New Zealand Shareholders' Association will vote against the $434 million sale of PGG Wrightson's seeds division to a Danish cooperative. The retail investor lobby says the mostly cash offer from DLF Seeds is attractive at face value, with a $292 million capital return attached. However, that short-term gain will shrink Wrightson to less than half its current size and leave it holding businesses inferior to the grains and seeds division. "It seems to us that if shareholders accept DLF’s offe...

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