TAKEOVER OFFER

GALLIN’S OFFER HAS CLOSED

On 25 March 2021, McPherson’s received a Bidder’s Statement from Gallin setting out its unconditional on-market takeover offer to acquire all the company’s shares for $1.34 per share (‘Gallin Offer’).

The Board of Directors recommended that shareholders reject the Gallin Offer by taking no action in relation to it, and to ignore all documents from Gallin. The Board’s view was that the Gallin Offer was materially inadequate and highly opportunistic.

The Gallin Offer Closed at 4.00pm (Sydney time) on 10 May, 2021.

Gallin has not made any further announcement since the Gallin Offer closed. Following the Gallin Offer closing Gallin may acquire more shares or sell down its shareholding in McPherson's.

NON-BINDING INDICATIVE OFFER FROM ARROTEX 

Separately to the Gallin Offer, on 28 April, 2021, McPherson’s received a non-binding indicative offer from Arrotex Australia Group Pty Ltd (‘Arrotex’). This was announced on 29 April 2021.

The indicative, non-binding proposal from Arrotex is to acquire, by scheme of arrangement, all of the outstanding shares in MCP at an indicative cash consideration of $1.60 per share (‘Arrotex Proposal’).

The McPherson’s Board is working with Arrotex to develop a transaction that could be put to shareholders. The McPherson’s Board will keep the market informed of developments in this regard. 

Further details can be accessed using the links below:

  1. Letter from the Chairman to Shareholders re Gallin Offer - 31 March 2021
  2. The Board’s Initial Response to the Gallin Offer - 31 March 2021
  3. MCP's Target's Statement in Response to the Gallin Offer  - 8 April 2021
  4. MCP’s First Supplementary Target’s Statement – 19 April 2021
  5. MCP’s Second Supplementary Target’s Statement – 29 April 2021
  6. MCP's Trading Update and Announcement of Arrotex Proposal - 29 April 2021

If you require further information or have questions in relation to the Arrotex Proposal, please contact the McPherson’s Shareholder Information Line on 1300 219 452 (within Australia) or +61 3 9415 4328 (outside Australia) between 8.30am and 5.00pm (Sydney time) Monday to Friday.