(News resource: The Australian, May 31, 2011)
A LATE revolt by rice growers today saw Spanish giant Ebro Foods's $610 million bid for the SunRice Group thwarted, with the major grower group of shareholders supporting the move by an inadequate 67 per cent. It required 75 per cent of A class shareholder support before being considered by the B class shareholders, who in fact voted in favour of the deal by 76 per cent to 24 per cent. To pass, the deal needed 75 per cent of both classes.
