Saputo announces today that it has entered into an agreement to acquire the business of Murray Goulburn Co-Operative Co. Limited ("Murray Goulburn" or "MG"), based in Australia.
The purchase price for the transaction is CDN$1.29 billion (A$1.31 billion) on a debt-free basis and will be financed through a newly committed bank loan. The transaction, which is unanimously recommended by the Murray Goulburn Board of Directors in the absence of a superior proposal, is subject to the approval of MG shareholders and customary conditions (including foreign investment approval and clearance by the Australian Competition and Consumer Commission) and subject to an Independent Expert concluding that the transaction is in the best interest of MG shareholders. The transaction is expected to close in the first half of calendar year 2018.
MG produces a full range of high-quality dairy foods, including drinking milk, milk powder, cheese, butter and dairy beverages, as well as a range of ingredient and nutritional products, such as infant formula. MG supplies the retail and foodservice industries globally with its flagship Devondale, Liddells and Murray Goulbur...
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