20 Aug 2010

Offer for AFFCO extended

6:08 am on 20 August 2010

Talley's Group has extended its takeover offer for AFFCO.

Talley's already owns 76% of the meat processor, after buying the Spencer family's stake of 23% in June and is offering 37 cents for each share it doe not own.

An appraisal report, commissioned by AFFCO and sent to investors this week, recommends they accept the offer if they need a dividend in the short to medium term, but retain their shares if not.

It values the shares at between 34 - 44.4 cents.

Because of a delay in getting the report to investors, Talley's says it's extended its offer by two weeks to give shareholders more time to consider their options.

The offer will now close on 30 September.