More time given for Synlait bid

The Chinese takeover offer for Synlait Farms has been extended until January 29 to give more time for consents from the Government and the Chinese authorities.

The bid was signalled on October 18 and launched in early November, but is yet to receive approvals from the Government and the Overseas Investment Office.

The joint-venture company making the takeover, SFL Holdings, 74 per cent owned by a subsidiary of Shanghai Pengxin, said it had determined to extend the closing date for the offer so as to allow sufficient time to seek the necessary regulatory consents.

The $2.10-a-share offer remained conditional on obtaining those consents and on Synlait Farms continuing to be operated in the normal way. Synlait Farms has 13 dairy farms around Ashburton in Canterbury, covering about 4000 hectares.

The OIO said in late November that Associate Minister of Finance Jonathan Coleman and Minister for Land Information Maurice Williamson would make the final decision.