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The independent directors of New Zealand's biggest poultry producer, Tegel Group, have recommended that shareholders accept a $NZ438 million takeover offer from Bounty Fresh Food, one of the largest poultry companies in the Philippines.
Chickens in indoor barn (file picture).
Source: 1 NEWS
Bounty has so far achieved acceptances of its offer totalling more than 62 per cent of Tegel shares, satisfying a 50 per cent minimum acceptance condition.
Tegel, which is listed on both the Australian and New Zealand share markets, also today reported a 17.7 per cent fall in annual net profit to $NZ26.1 million ($A24.1m), impacted by one-off restructuring costs and the disruption of some New Zealand processing operations as a result of ex-cyclone Gita in February.