Shareholders of Australia’s only locally-owned sugar factory have been urged to accept a takeover bid from a Thai company.
Pitr Phol wants to buy the Maryborough Sugar Company in southern Queensland for $313 million, and the Maryborough Sugar board has unanimously recommended shareholders accept the offer.
The Thai company already owns 22 per cent of the company, which also owns the Mulgrave, South Johnstone and Tablelands mills and is now offering $4.45 per share.
Maryborough Sugar chairman James Jackson said in a letter to the Australian Stock Exchange (ASX) that shareholders will receive a bidder’s statement from Mitr Phol early next month.