Press Release – NZ Binxi
Friday, 31 March 2017
Blue Sky Offer Update
NZ Binxi (Oamaru) Limited (Binxi) is disappointed to have withdrawn its takeover offer for Blue Sky Meats Ltd (Blue Sky) at $2.20 per share. Binxi has been committed to a successful offer for Blue Sky since November 2016 and has gone to significant expense to seek a successful outcome.
The offer was withdrawn by Binxi on 20th March 2017 following a review of the forecast profitability for Blue Sky for the 2017 year and following discussions with Blue Sky. Binxi had also not received its OIO (Overseas Investment Office) consent by the 20 March 2017 Offer deadline. Both these factors meant that Binxi had to withdraw its offer despite achieving a 96% acceptance rate from shareholders. Binxi has asked the OIO to continue the review process and expects to hear from them in due course.
As a 13% shareholder in Blue Sky, Binxi is hopeful of seeing an improvement in Blue Sky’s trading performance. We will continue to work constructively with Blue Sky and its shareholders over the coming months.