MSF Sugar directors accept Mitr Phol offer

Posted by AFN Staff Writers on 19th January 2012

The Directors of Australia’s only ASX-listed sugar miller, MSF Sugar (formerly Maryborough Sugar Factory Limited), have accepted a A$4.45 per share takeover offer by Thai sugar company Mitr Phol.

In a media statement released yesterday, the company’s directors recommended that MSF Sugar shareholders also accept the offer in the absence of a superior proposal.

According to Mitr Phol’s most recent shareholder notice (lodged with the ASX on 17 January 2012), Mitr Phol currently owns 26.9 per cent of MSF Sugar shares.

Mitr Phol is one of the largest sugar producers in Asia, with an estimated market share of 19 per cent in Thailand and 9 per cent in China.

Mitr Phol’s offer is scheduled to close at 7.00pm (Sydney time) on 10 February 2012.

MSF Sugar is the latest of numerous Australian companies to be targeted by a foreign investor.