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ASX:NUF) says it has been notified by Japan's Sumitomo Chemical Company Ltd (TYO:4005) that its offer for 20 per cent of Nufarm is now unconditional. The tender offer for Nufarm shares from Sumitomo Chemical has received acceptances totalling 81.45 per cent of all Nufarm share. Nufarm last year rejected the A$2.62 billion takeover offer from China's Sinochem Corp. and instead agreed for Japan's Sumitomo Chemical to buy a 20 per cent stake through a tender offer to existing shareholders.
Sumitomo had offered to acquire up to 20 per cent of the total issued shares in Nufarm at A$14 per share. A large number of eligible Nufarm shareholders accepted the offer in respect of more than 20 per cent of their Nufarm shares. Of the total acceptances, 61.45 per cent will be scaled back.
The scale back was necessary to ensure that Sumitomo does not acquire more than 20pc in aggregate of the issued shares in Nufarm in accordance with the terms of the offer.
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Michelle LiangAsia Business News Asia Bureau
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