Join our daily newsletter At The Bell to receive exclusive market insights
- Healthy food retailer, Oliver’s Real Food (OLI) has received a purchase proposal from British retailer, EG Group
- EG Group says it will purchase 100 per cent of Oliver’s Real Food shares for 10¢ apiece
- After careful assessment, the board of Oliver’s has determined that engaging further with EG Group is in the best interest of shareholders
- Chairman Nick Downer said that discussions are ongoing and as such there can be no assurance that the proposal will result in any formal offer to shareholders
- Oliver’s is up 30.8 per cent on the market this morning, trading for 8.5¢ apiece
Healthy food retailer, Oliver’s Real Food (OLI) has received a proposal from British retailer, EG Group to purchase the company.
EG Group says it will purchase 100 per cent of Oliver’s Real Food shares for 10¢ per share.
After careful assessment, the Board of Oliver’s has determined that engaging further with EG Group is in the best interest of shareholders. The company said it is currently in discussions with EG Group.
However, the proposal is subject to a few conditions, such as mutually agreeable transaction documents, court and shareholder approvals, regulatory approvals, support from Oliver’s Board and other customary deal protection mechanisms.
Oliver’s Chairman Nick Downer said that discussions are ongoing and as such there can be no assurance that the proposal will result in any formal offer to shareholders.
EG Group is a British retailer based in Blackburn, which operates petrol stations and fast food outlets in Europe, the United States and Australia.
The company has said that at this point shareholders should take no action and will update the market if there are any developments to this proposal.
Oliver’s is up 30.8 per cent on the market this morning, trading for 8.5¢ apiece at 11:40 am AEDT.
