Dawn Meats' $250m offer for 65% of Alliance Group 93% above independent valuation

Alliance Group's chair Mark Wynne. (Image: Supplied)

Thu, 18 Sep 2025

Dawn Meats’ proposed investment in Alliance Group is at a 93% premium to the deal’s independent advisers’ own midpoint equity valuation.If approved by farmers next month, the Irish meat processor will take a 65% stake in Alliance for $250 million, of which the majority will be used to reduce its short-term working capital debt facilities.The deal, which came after a failed internal capital raise, was announced just over a month ago with the scheme booklet and independent advisers’ report, prepared by Northington Partners...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Retail

Kitchen Things on brink, $16.6m owed: Administrators

The retailer made a $4.7m loss in the year to March 2025.

Gregor Thompson 1:15pm

Economy

Economy contracts 0.9% in June quarter

GDP has now fallen in 3 of the last 5 quarters.

Rebecca Howard 10:56am

The Quiz Free

QuiznessDesk, Thursday, Sept 18

Think you're clever enough?

The Quizmaster 9:15am

Sponsored

Future leaders start by Dreaming Big

How OnBeingBold empowers Year 13 girls at free leadership events.

OnBeingBold

Sponsored

Free AI training blitz targets 10,000 Kiwis

Workshops aim to close NZ’s AI skills gap and boost productivity – no tech skills required.

Sponsored by Lumify

More Primary Sector

Primary Sector

MyFarm KiwiFruit Fund launches $35 million capital raise

The MyFarm KiwiFruit Fund has launched a $35 million capital raise for wholesale and institutional investors, and those offshore that qualify for the Active Investor Plus visa.Units are being offered at $1.02, a 5% discount to the fund’s net asset value.The offer, which will clos...

Rebecca Howard 10:33am

Primary Sector

TTR seabed mining bid not affected by law change

No-go zones will not apply to controversial mining bid.

Ian Llewellyn 5:00am

Primary Sector

Govt to change offshore renewable regime

No-go zones for seabed mining proposed.

Ian Llewellyn 17 Sep 2025

Primary Sector

Global dairy prices fall

Global dairy prices fell slightly overnight, although the losses "were softer than those recorded at the previous auction". Tuesday night’s Global Dairy Trade auction saw the Price Index fall 0.8% despite 5.7% less product being sold and weaker bidding ratios. Only cheddar manage...

Staff reporters 17 Sep 2025

Dawn Meats' $250m offer for 65% of Alliance Group 93% above independent valuation

More Primary Sector

Your company has a subscription

Team