IT WASN’T a great day to loudly proclaim you were considering challenging the only thing that’s holding up your share price, but on Tuesday, that’s what the Sovereign board did.The board issued a Sens statement informing shareholders it intended to challenge the offer from Country Bird Holdings and that it would apply to the Takeover Regulation Panel for a formal ruling on whether the offer contravened the Companies Act.Later on Tuesday, Remgro released its results and CEO Jannie Durand reminded the investment community about how tough things were in the poultry industry. The group has a substantial exposure through RCL Foods.The industry certainly doesn’t think the government’s 13% duty on imports is going to do much to improve the situation.So, it is likely to be a torrid time for poultry-related companies for the foreseeable future. Of course, it won’t always be and those companies that have the financial and management resources to cling on are likely to emerge stronger.But it’s...
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