Mayberry Investments Limited is making a cash offer of J$32.50 per share for 51% of Salada Foods Jamaica Limited’s issued and outstanding shares.
There are currently 10, 388, 320 Salada shares outstanding, which would put Maybery’s cash offer at approximately J$172.2 million.
Three Bears and other related companies now control 60.23% of Salada’s shares. They are required to make a mandatory take-over bid under the Rules of the Jamaica Stock Exchange and Securities (Take-overs and Merger) Regulations, 1999, having surpassed the 50% threshold.On August 17, Three Bears made an offer of J$28.82 to minority shareholders.
“We are prepared to offer close to 26% (J$6.68) above the Three Bears’ take-over offer because we believe that the acquisition of shares in Salada has sound, long-term benefit,” explained Mayberry CEO, Gary Peart. “Salada presents the profile and profitability growth potential that we look for in companies to include in our acquisition strategy going forward, through its continuing profitability is not a certainty” Peart added.
Mayberry Investments Limited is making a cash offer of J$32.50 per share for 51% of Salada Foods Jamaica Limited’s issued and outstanding shares.
There are currently 10, 388, 320 Salada shares outstanding, which would put Maybery’s cash offer at approximately J$172.2 million.
Three Bears and other related companies now control 60.23% of Salada’s shares. They are required to make a mandatory take-over bid under the Rules of the Jamaica Stock Exchange and Securities (Take-overs and Merger) Regulations, 1999, having surpassed the 50% threshold.On August 17, Three Bears made an offer of J$28.82 to minority shareholders.
“We are prepared to offer close to 26% (J$6.68) above the Three Bears’ take-over offer because we believe that the acquisition of shares in Salada has sound, long-term benefit,” explained Mayberry CEO, Gary Peart. “Salada presents the profile and profitability growth potential that we look for in companies to include in our acquisition strategy going forward, through its continuing profitability is not a certainty” Peart added.
