South African poultry processor Country Bird Holdings has upped its stake in native peer Quantum Foods, shopping for shares from trade rival Astral Foods.
Quantum first introduced Astral’s intentions to promote its shares within the firm yesterday (7 March).
Updated filings printed on the inventory alternate by Quantum at this time point out Astral has bought 10% of its shares within the group in an over-the-counter deal from Country Bird Holdings.
The transaction was agreed earlier within the week after Astral obtained “an unsolicited offer from Country Bird Holdings”, Quantum stated.
South Africa’s largest egg provider added the deal was “negotiated and implemented without Quantum Foods’ prior knowledge” and that it “currently has no further information” concerning the transaction.
The latest submitting additionally signifies that Country Bird Holdings has upped its stake within the group additional because the buy.
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Just Food has contacted Country Bird Holdings for touch upon the transaction.
Quantum stated it has additionally been instructed by a shareholder that Country Bird Holdings has made a suggestion to purchase the investor’s shares.
Meanwhile, one other shareholder additionally knowledgeable the Wellington-based firm of its intentions to “offer its shares to the market”.
Quantum’s share value went up circa 104.4% between Friday 1 March and Thursday 7 March.
Country Bird Holdings has tried to purchase Quantum Foods previously, shopping for a 31% stake within the business in 2020 as a prelude to a attainable bid. However, Quantum’s administrators moved to purchase shares within the firm and Silverlands II, an funding fund working out of Luxembourg and run by London-based SilverStreet Capital, acquired 32% of the group.
Quantum Foods stated at this time that as far it’s conscious Country Bird Holdings owns 15.8% of the business, behind Braemar Trading with 30.8% and at Aristotle Africa S.à.r.l. – a subsidiary of Silverlands – at 34.2%.
