Australia's United Malt gets near $1 billion offer from France's InVivo (updated)

InVivo Therapeutics Holdings

27/03/2023 22:55

(Adds details on offer)
       March 28 (Reuters) - United Malt Group Ltd  UMG.AX  said
on Tuesday it had received an indicative, non-binding offer from
Malteries Soufflet, a branch of French agribusiness InVivo,
valuing the commercial maltster at A$1.50 billion ($998
million).
    The A$5 per share offer represents a 45.3% premium to United
Malt's last close of A$3.44. Trading in shares of the company
were halted on Monday.
    United Malt disclosed it first received an offer of A$4.15
per share in December followed by several others from the French
firm. The latest proposal was made on March 14. 
    The company has granted Malteries Soufflet exclusive access
to conduct due diligence. 
    InVivo, which acquired agribusiness peer Soufflet last year,
has said that it aims to become the world's top malt producer
within five years through external growth. 
    United Malt Group is the world's fourth largest commercial
maltster, producing bulk malt for brewers, craft brewers,
distillers and food companies. The company has processing plants
in Canada, the United States, Australia and the United Kingdom.
    
($1 = 1.5038 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Harish.Sridharan@thomsonreuters.com; Twitter: https://twitter.com/damnit_saladin;))