Ginger company receives takeover offer
BUDERIM Ginger has received a $8.3 million takeover offer for its ginger assets from Global Foods, it has been announced.
The Sunshine Coast company made the announcement last night, and said the assets comprise of a factory, tourism sites and a portfolio of ginger brands, The Australian reports.
The takeover offer follows a decision in 2018 to review its ginger business with a number of approaches made to the company and Global Foods making the best bid.
Global Foods is mostly owned by businessman George Vasili and is also a major shareholder in Buderim Ginger with a stake of 15.86 per cent.
Under the proposed offer, Global Foods will offer $8.3 million for the ginger division of Buderim Ginger on a going concern basis subject to necessary adjustments for assumed liabilities, employee entitlements and working capital.
China business specialist Dennis Lin is to take charge of the planned sale of Buderim Ginger's ginger assets to transform it into a pure player in the lucrative macadamia nut market.