Roc Partners trumps Macquarie with âbindingâ Vitalharvest offer
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The takeover battle between Macquarie and Roc Partners for Costa fruit orchard landlord Vitalharvest ramped up on Thursday after the Sydney private equity firm delivered on its promise to submit a binding and superior offer for the ASX-listed trust by the end of March.
Perpetualâs The Trust Company, the responsible entity of Vitalharvest (VTH) said late on Wednesday it had received a proposal âwhich is expressed to be binding, from Roc Private Equity Pty Ltdâ.
This proposal is to either acquire all the units in the trust for $1.12, for a value of $207 million, via a scheme arrangement, or, if that fails, to buy all the assets of the trust, including the seven berry and citrus orchards leased to Costa Group, for $322.2 million.
American snacks giant Mondelez bites into CPE Capitalâs crackers biz
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American snacks giant Mondelez International has agreed a deal to acquire Australian cracker business Gourmet Food Holdings for more than $400 million
, marking a huge return for the businessâ private equity owner in less than three years.
The US behemoth that owns Cadbury chocolate is set to launch an assault on the local premium crackers market. Â
Paul Jeffers
Mondelez, best known for owning Cadbury and Trident Gum, is expected to incorporate Gourmet Food Holdings and its brands into its Australian portfolio and launch an assault on the premium cracker market.