Macquarie beats Roc to take over citrus and berry farm owner Vitalharvest

The eight-month battle for Vitalharvest, which leases seven berry and citrus farms to Costa Group, appears to be over. See who won.

Macquarie appears to have won the battle for control of Vitalharvest.

Macquarie Agricultural Funds Management appears to have won the battle for control of citrus and berry farm owner Vitalharvest.

The Vitalharvest Responsible Entity board has been informed by Roc Private Equity that it is not making any further offers for Vitalharvest.

“VTH RE engagement with Roc has now ceased,” the board said.

Roc PE had driven Macquarie to lift its original bid of $1 a unit in February to this week’s offer of $1.33 a unit or $357.35 million for the assets in Vitalharvest.

Yesterday, the VTH RE announced MAFM would take up its right to match Roc’s ninth bid.

But MAFM has also told VTH RE board that even if Roc PE ended up with the highest bid, Macquarie would use its current 20.9 per cent holding in the takeover target in an attempt to scuttle any vote on Roc’s scheme of arrangement put to unitholders.

The VTH RE board recommended that unitholders vote in favour of the MAFM proposal in the absence of a superior offer from another party, subject to an independent expert determining it was fair, reasonable and in their best interests.

“Now that VTH RE has agreed to the 10th MAFM proposal and MAFM are working closely to agree an implementation timetable,” the board said in a statement to the Australian Securities Exchange.

“VTH RE will update unitholders on the new meeting date and provide further supplementary disclosure as soon as possible.”

The intense competition for Vitalharvest between Macquarie and Roc has added about $58 million to the sale of the company from the original proposal.

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