Israeli food group offers R4.8bn for Clover
A consortium called Milco is offering the SA food producer’s shareholders R25 per share
Clover shareholders have been offered R25 per share — a 25% premium to Friday’s R20 closing price — from a consortium called Milco, which plans to delist it from the JSE. The deal values Clover at R4.8bn. The Milco consortium is led by Israel-based Central Bottling Company (CBC), which is offering to buy 59.5% of the SA food producer. JSE-listed Brimstone is offering to buy 15% of Clover’s shares at R25 each. Other members of the Milco consortium are Ploughshare Investments, which will buy 10.9%, and IncuBev, which will buy 8.3%. Clover’s management will retain a 6.3% stake. The food group’s share price jumped 19% to R23.80 on Monday morning after the JSE opened.
CBC is a privately owned international food and beverage group whose subsidiary companies serve more than 160-million consumers worldwide, Monday morning’s statement said. “CBC is Israel’s leading manufacturer and distributor of beverages and, through its foreign subsidiaries, has manufacturing and distribution operat...
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