Green light for kiwifruit merger
It has been announced today that post-harvest kiwifruit operators EastPack and Satara are to merge.
The merger has been given the green light following the second vote of one Satara interest group, which approved the merger by a majority of 88% this afternoon in Te Puke.
Both companies have confirmed that the merger is now unconditional and will take effect on 20 March 2013. A trading halt on Satara investor shares comes into effect from 5 pm today.
The second vote followed one Satara interest group narrowly voting the merger down by 0.2% below the required 75% threshold at a meeting on 22 February.
The EastPack shareholders and the four other Satara interest groups weren't required to vote again as they had already indicated overwhelming support for the merger.
All five of the Satara special interest groups have now reached the 75% threshold for the merger to go ahead.
EastPack shareholders voted 97% in support of the merger on 22 February.
The enlarged entity is expected to pack 25-27 million Class One trays this year representing about 27-30% of NZ kiwifruit production.
The official merger amalgamation date of the merger is the 20th March 2013.
