United Malt has avoided the fate of a lower bid from French suitor Malteries Soufflet despite the Australian-based supplier of a key ingredient in beer having posted disappointing earnings during due diligence.
The $5-a-share official bid from Malteries Soufflet, valuing the equity at almost $1.5 billion, matches an indicative price given in March when the foreign rival began combing the books of Sydney-based United Malt.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
