November 13, 2008
Dairy Farmers Shareholders Approve National Foods Takeover Bid
Australian Co-operative Foods, or ACF, which trades as Dairy Farmers, has announced that its shareholders have approved the National Foods proposal to acquire all of the shares in the co-operative for a cash consideration of A$5.65 per share.
Ian Langdon, chairman of ACF, said: "Following this successful ballot, a court hearing will take place on November 18 to seek approval of the scheme. If court approval is granted at this time, it is proposed that the scheme will be implemented on November 26 at which time ACF members and qualifying former members will be paid their entitlements.