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A2 Milk eyes Murray Goulburn
Bridget Carter And Scott Murdoch
The Australian
6:32PM September 6, 2017
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Listed dairy company a2 Milk is entering the contest to buy Murray Goulburn, according to sources, and it has drafted in investment bank Goldman Sachs as an adviser.
The company, which sells milk with beta-casein proteins called A1 and A2, may enter a bid as part of a consortium given that it is not geared up to own Murray Goulburn in its entirety.
A2 Milk has a market value of close to $3.8bn. Its shares have rallied as it increases its market share in Australia to its present 9.3 per cent.
A2 Platinum continued to be the fastest growing infant formula brand for the latest year, with market share rising from 16 to 26 per cent.
Much of its infant formula product is exported to China from New Zealand and it is also sold in Britain and the US.
Annual net profit for fiscal 2017 was up a massive 198 per cent to $90.6m.
The theory around the market is that dairy groups are in talks to form consortiums to buy Murray Goulburn given that only parts of the business across Australia suit many of the vendors.
Parmalat is thought to be eager to buy the business as a whole.
Goodman Fielder will also take a look, although some have played down the likelihood of an acquisition by the Singapore and Hong Kong-owned food company. They say that while the Wilmar International and First Pacific-owned company invests in dairy, commodity products are not a core focus.
Global dairy giant Fonterra is believed to have decided to submit a bid in the Deutsche-advised contest before the close on September 15, although it may face issues from the Australian Competition and Consumer Commission.
Lion, which is typically advised by Greenhill, will not be pursuing the business, sources say.
Saputo is thought to be gunning hard for the asset, with plenty of activity said to be happening in Rothschild’s Melbourne offices of late, fuelling suggestions it is acting as the adviser for the Canadian suitor.
Bega Cheese is also believed to be in the frame, while a Chinese group is known to have shown plenty of interest.
Meanwhile, speculation is mounting that another financial advisory firm could become involved in the sale process, with some suggesting a group was in line to carry out vendor due diligence for Murray Goulburn.
Industry sources believe Ferrier Hodgson is in the frame to do the work, although DataRoom understands that no suggestions have been made that the firm is involved in an insolvency capacity in any way.
Murray Goulburn chairman John Spark used to work for Ferrier but sources close to the company have strongly denied the accounting firm was involved, with one saying the suggestion was “categorically wrong”.
With the sales process still in the early stages, any vendor due diligence work is said to be some way down the track for Murray Goulburn, and those not close to the situation say that should Ferrier not emerge around the hoop, a role is sure to be on offer for one of Australia’s top accounting firms, such as Deloitte, PwC, E&Y or KPMG.
Vendor due diligence involves parties carrying out the financial and legal work for a company, where they prepare a report for buyers including financial forecasts and legal agreements.
The practice makes a prospective buyer’s task faster and easier.
Investment bank Deutsche and Murray Goulburn have carried out management meetings with potential suitors.
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女生的旅行のlangkawi兰卡威（多图，真人）-坑已填！ (2011-9-25) 舞美拉 
楼主:bondzh
发表于 2017-9-11 10:46
looks its gonna heading lower before the result,guess it has too much ambition in a too little market
今天收市出掉, 剩下的FMG没看到6字头继续做空, 5.5有个阻力->支撑的点, 我止盈就放那之前
