Pengxin, Synlait founders cross 90 percent threshold in Synlait Farms takeover

Wed, 27 Nov 2013

Nov. 27 (BusinessDesk) - Shanghai Pengxin, which bought the Crafar family farms in a controversial deal last year, and the Synlait founders have cross the 90 percent compulsory acquisition threshold in their $85.7 million takeover bid for Synlait Farms. SFL Holdings, a joint venture between Pengxin and Synlait Farms chief executive Juliet Maclean and director John Penno, secured 91.16 percent of the shares in the company, meaning they can enforce Takeovers Code provisions to mop up any hold-outs. Now they only need sign-off from the Overse...

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