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Don't have an account? Click here to register.Sumitomo to buy Irish food distributor Fyffes for €751.4m
Fri, 09th Dec 2016 10:12
(ShareCast News) - Fyffes has agreed to be bought by Japan's Sumitomo in a €751.4m deal.Under the terms of the acquisition, the Irish food distributor - known for its banana business - will receive €2.23 in cash for each of its shares, which is a premium of around 49% to the closing price on Thursday.Fyffes shareholders will also be paid a final dividend in respect of calendar year 2016 of €0.02 per share in cash, bringing the total amount to €2.25 per share.Chairman David McCann said: "We believe this transaction represents a compelling proposition for our shareholders and crystallises the substantial value created in recent years through the various strategic developments and the strong operating performance of our group."Our employees, customers, suppliers and joint venture partners will benefit from Fyffes being part of an enlarged group with greater scale, reach and resources to broaden and accelerate delivery of Fyffes' strategic objectives. We look forward to working with the Sumitomo team to develop and enhance our group's strategy and to build on its long track record of successful growth."Sumitomo said it has secured acceptances from 27% over its shareholders and expects the deal to complete by the first quarter of next year.
More News
6 Feb 2017 10:43
EU clears Sumitomo takeover of Fyffes
(ShareCast News) - Sumitomo Corporation's €751m (£646m) takeover of fruit distributor Fyffes has been cleared by the European Commission. AIM-Listed Fyffe's agreed to the deal last December. Fyffes shareholders are to receive €2.23 per share under the terms of the transaction.
Read more16 Sep 2016 12:25
Fyffes to raise €47m on the London and Irish stock exchanges.
(ShareCast News) - Irish fruit and fresh produce company Fyffes raised about €47m through a share placing on the London and Irish stock exchanges. The company, through stock broker J&E Davy, will place about 31.45m shares at €1.50, with each share carrying a voting right and a dividend payment, repr
Read more8 Sep 2016 07:50
Fyffes buys second Canadian mushrooms producer
(ShareCast News) - Fyffes' has returned to Canada for second helpings of mushroom, acquiring Canada's second largest fungi farmer, All Season Mushrooms, for CAD$59.1m (€41m) after buying the country's number-one producer earlier in the year. Ireland-based and AIM-listed Fyffes bought 100% of All Sea
Read more25 Apr 2016 15:07
1 Apr 2016 14:28
Fyffes gets into the Canadian mushroom business
(ShareCast News) - Fyffes expanded into the Canadian mushroom business on Friday, purchasing 100% of the equity of the country's largest producer. The AIM-traded banana company said it paid CAD 145m (£77.9m) for Highline Produce, funded through new and existing bank debt. Fyffes' board described Hi
Read more26 Feb 2016 15:34
Investors peel away from Fyffes stock after good results
(ShareCast News) - Brits going bananas for imported fruit made for a good year at Fyffes in its annnual report on Friday, but investors weren't sharing the sentiment. The AIM-traded company saw EBITDA increase 16.4% to €56.1m (£44.2m) in the 2015 calendar year, and reported earnings per share growth
Read more19 Feb 2016 16:09