(News resource: AFN, Jun. 01, 2011)
Ebro Foods has seen its bid to buy Ricegrowers fall through, after the Spanish food maker failed to win over enough of the company’s investors. The results of a vote of Ricegrowers’ investors showed that Ebro had not secured the backing of both types of the Australian firm’s shareholders for its A$600m takeover offer. Ebro needed the support of 75% of both Ricegrowers’ Class A and Class B shareholders. However, although 76% of Class B investors accepted the offer, only 67% of the Class A shareholders approved the bid.
