UPDATE: Philippines-based Bounty Fresh mounts $437.8M takeover bid for Tegel

Wed, 25 Apr 2018

(Adds broker comment, updates share price) By Paul McBeth April 26 (BusinessDesk) - Philippines-based poultry group Bounty Fresh Foods will mount a $437.8 million takeover bid for NZX-listed Tegel Group at a 50 percent premium to the share price, which has been beaten up after multiple earnings downgrades. The Filippino company already has Tegel's cornerstone shareholder Affinity Equity Partners on board, signing a lock-up agreement with the holding company Claris Investments for a 45 percent stake. The offer of $1.23 per share is a p...

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