National Foods-Dairy Farmers acquisition - A $414.08 m

• Entry date - Thursday, 13 November 2008
• Jurisdiction - Australia
• Practice - M&A
• First time control transaction was effected in relation to a co-operative by way of scheme of arrangement

Back

Deal summary

• National Foods acquired all shares in Australian Co-operative Foods (ACF), more commonly known as Dairy Farmers


• Deal was first time a control transaction was effected in relation to a co-operative by way of scheme of arrangement and competitive process


• Allens faced demanding competition issues, involving security structure, ACF’s legislation and negotiations with the ACCC


• Sale process attracted approaches from many interested parties from Australia and overseas, spanning over 12 months


• Deal subject to favourable ruling from Australian Tax Office and ACCC