National Foods to acquire A.C.F.
August 25, 2008
by Keith Nunes
MELBOURNE, AUSTRALIA — National Foods Ltd., a subsidiary of Tokyo-based Kirin Holdings Company Ltd., intends to acquire Australian Co-Operative Foods Ltd. (A.C.F.), which trades as Dairy Farmers and is Australia’s second-largest fresh dairy company. Under the terms of the agreement, National Foods will acquire all of the shares of A.C.F. for A$5.65 per share, or A$910 million ($788 million). The agreement is subject to the approval of at least 75% of A.C.F.’s member shareholders, and the process of getting approval is estimated to take approximately three months.
"National Foods’ successful acquisition of A.C.F. would result in the most respected portfolio of dairy brands in Australia," said Ashley Waugh, managing director of National Foods. "National Foods has the capability and financial strength to leverage the acquisition of A.C.F. to create new business opportunities domestically and in the vitally important Asian region — providing suppliers with secure and growing demand for their milk."
A.C.F. sells fresh dairy products under the Dairy Farmers, Cracker Barrel, Coon, Dare, Oak, Moove and Ski brands.