Australian almond & walnut grower giant taken over by Canadian pension fund
Webster Ltd. (WBA.AU), one of Australia’s biggest growers of walnuts and almonds, said it has agreed to be taken over by Canada’s Public Sector Pension Investment Board in a deal valuing it at 724 million Australian dollars (US$485 million).
Webster said the pension investment board, or PSP, is offering A$2.00 in cash for each share that it doesn’t already own and that it expects the transaction to complete in the first quarter of 2020. PSP currently owns 19.1% of Webster’s stock.
“We are encouraged by their understanding of our business and its ongoing importance to regional and rural communities in Australia,” said Maurice Felizzi, Webster’s chief executive.
Webster owns orchards in New South Wales and Tasmania states, and runs other forms of agribusiness including cattle rearing.
To read the official PSP report, click here.