Tegel announces intention to delist from ASX and NZX

Company News

by Anna Napoli

Tegel Group (ASX:TGH) has announced it intends to delist from the New Zealand and Australian stock exchanges following the company's takeover by Bounty Holdings.

The poultry company will delist on the 23rd of October 2018.

The company sent a compulsory acquisition notice to all outstanding shareholders on October 1st under the provisions Bounty is permitted to acquire all outstanding shares in Tegel that it does not yet hold.

The Philippines company made the takeover bid in May at a price of $1.23 per share with the bid receiving the tick of approval from the Overseas Investment Office last month.

Shares in Tegel Group (ASX:TGH) shares closed 1.77 per cent lower to $1.11 on Friday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.