The directors of MSF Sugar Limited
(ASX:MSF) have backed a $313 million takeover bid from Thailand’s Mitr Phol Sugar Corporation, in respect to their personal shareholdings.
Mitr Phol was a 22 per cent shareholder in MSF Sugar when it launched the bid to acquire all the remaining shares in the Queensland based sugar producer at the end of last year.
Mitr Phol has now acquired a 26.9 per cent relevant interest in the company.
The offer remains subject to the 50.1 per cent minimum acceptance condition and is scheduled to close on February 10, 2012.
MSF Sugar’s board of directors continue to recommend shareholders accept the offer in the absence of a superior proposal.
In the 2011 financial year MSF Sugar reported a net loss of $6.1 million.
