Longtable (ASX:LON) has today announced plans to snap up the remaining 52 per cent stake of Maggie Beer Products taking its ownership stake in the company to 100 per cent.
The total consideration for the remaining interest is $10 million.
Maggie Beer intends to join the Board of Longtable Group (subject to completion of due diligence) and is committing to a two-year period as brand ambassador.
Longtable says the acquisition will be funded through a $15.9 million capital raising.
Shares in Longtable (ASX:LON) are trading 29.85 per cent lower at 24 cents.