Tribunal overturns approval for Country Bird’s takeover of Sovereign
A renewed hostile bid for Sovereign Foods by Country Bird Holdings was made a little more difficult on Thursday when the Competition Tribunal ruled that the Commission’s previous approval for the transaction was set aside.
This means Country Bird will have to notify the commission and get approval for the deal if it plans to resuscitate the bid, which was suspended late last year after a ruling by the Takeover Regulation Panel.
On Thursday the Sovereign Foods share price closed unchanged at R11.75 following news of the tribunal’s ruling and reports that Sovereign had detected avian flu at one of its Uitenhage operations.
The shares remained at the same price at about 11.30am on Friday.