Nufarm receives revised takeover offer
Nufarm Limited (NUF) said it would seek clarification in relation to Sinochem Corporation’s revised offer price for all the shares in Nufarm. The Australian agrichemical company said Sinochem advised that it would not proceed with its previous offer of $13.00 per share and has instead proposed a price of $12.00 per share.
Nufarm said Sinochem has not yet clarified the terms and conditions relevant to the revised price.
Nufarm’s chairman, Kerry Hoggard, said the company is disappointed that Sinochem was unable to confirm its intention to proceed with an acquisition on the basis that was previously agreed.
He added that the company was not willing to support a proposal that undervalues the business and that the board would review all options carefully.
Nufarm said the Sinochem offer remains subject to the final negotiation of a Transaction Implementation Agreement and approval by Australian, Chinese and other regulatory authorities.
As at 1029 AEDT, Nufarm shares were halted at $10.56.
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