The CEO of Country Bird Holdings (CBH) has urged his counterpart at Sovereign Foods to engage in constructive discussions aimed at creating a viable merged entity. Marthinus Stander has told Chris Coombes that whatever happens, CBH will be holding on to its 34.1% stake in Sovereign and has the firepower to purchase the remaining 65.9%. In a letter sent to Coombes last week, Stander dismissed as simply incorrect the perception that his company does not have the necessary funding to complete the acquisition. "Synapp International, Proterra Investment Partners and the International Finance Corporation (CBH shareholders) are united in their resolve to conclude the successful acquisition of Sovereign." The CBH shareholders have undertaken to replace the bridge loan with shareholder capital. "This clearly illustrates that there will be no financial burden on CBH whatsoever as a result of the offer," Stander said. Stander’s letter comes in the midst of a hostile takeover bid that has seen ...
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