- Bellamy’s (BAL) says its scheme of arrangement regarding the proposed acquisition by China Mengniu Dairy Company is now legally effective
- The Supreme Court of New South Wales approved the acquisition and has lodged an office copy with the Australian Securities and Investments Commission
- The formula producer leaked its intention back in September to sell all company shares to Mengniu – which majority shareholders were in favour of
- As a result, trading in Bellamy’s shares will likely be suspended from close of trading today
- Shares in Bellamy’s are up a slight 0.08 per cent, with shares trading for $13.24 each
Bellamy’s Australia (BAL) has announced a scheme of arrangement related to the proposed acquisition by China Mengniu Dairy Company is now legally effective.
The formula company announced an office copy of the orders made by the Supreme Court of New South Wales approving the acquisition has been lodged with the Australian Securities and Investments Commission.
Last week at a scheme meeting, Bellamy’s shareholders voted yes to a wholly-owned subsidiary of Mengniu taking over the company.
The formula producer leaked its intention back in September to sell all company shares to Mengniu, claiming it’s in the best interest of its shareholders.
Mengniu has a strong presence in China and the buyout gives Bellamy’s significant access to this massive organic dairy and infant formula market.
As a result of today’s announcement, trading in Bellamy’s shares will likely be suspended from close of trading today.
Company shareholders will receive a total of $13.25 cash per share in respect of Bellamy’s shares they hold at 7:00 pm AEDT on Tuesday, December 17.
This comprises of $12.65 per Bellamy’s share paid by Mengniu under the scheme which is expected on December 23.
Additionally, a fully franked special dividend of 60 cents per share will be paid by Bellamy’s on the same date as the scheme consideration.
Shares in Bellamy’s are up a slight 0.08 per cent, with shares trading for $13.24 each at 2:07 pm AEDT.