French grains trader Malteries Soufflet has struck a deal to acquire Australian distributor United Malt Group Ltd. for about A$1.5 billion ($999.3 million) in cash.
The A$5 per share deal marks a 45.3% premium to the company’s share price on March 24, the company said in a statement Monday. That’s in line with terms the suitor had proposed in March that won it exclusive due diligence.
It follows previous proposals by Malteries Soufflet — and major holder InVivo Group — since mid-December, rising from A$4.15 per share to the current offer, but was complicated by a A$13.8 million first-half loss the company reported in May.
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