Tegel Group (ASX:TGH) has provided the market with an update on its proposed takeover from Bounty Holdings.
Bounty has acquired over 603 thousand fully paid ordinary shares in Tegel.
The purchase of shares by Bounty was other than under the offer at a weighted average price of $1.16.
Bounty Holdings is the second largest poultry company in the Philippines.
Shares in Tegel Group have jumped 5 cents since the offer and closed almost 1 per cent higher at $1.08 yesterday.