Australia Markets closed

Beekeepers support Capilano takeover bid

Peter Trute
The beekeeper-owners of Capilano Honey have supported a private equity takeover bid

The beekeeper-owners of Capilano Honey have thrown their support behind a private equity takeover bid for the Australian company.

Capilano Beekeepers Limited - the holder of the controlling foundation share in ASX-listed Capilano - has given its support to the bid from China-focused private equity player Wattle Hill and its partner Roc Partners.

In a statement, Capilano said bid consortium members have met with beekeepers around the country since the bid was announced on August 13 and their plans for the future of the company have had a positive reception.

Capilano's board has already endorsed the Wattle Hill bid, which comprises a scheme of arrangement offering Capilano shareholders either $20.06 a share in cash or a one-for-one share swap in the new owner.

If the takeover proceeds, Capilano Beekeepers says it will transfer its controlling stake into the new company for a consideration of $1 and representation on the new company's board.

Bega Cheese has emerged as a potential rival since the private equity bid surfaced, with the dairy processor and food producer taking a 5.76 per cent stake in Capilano but making no announcement on its intentions.

Capilano shares were down 17 cents to $21.11 at 1038 AEST - down from an all-time high of $22 reached on Monday.

  • Finance
    Australian Associated Press

    US stocks gain on trade optimism

    Wall Street is higher on optimism about international trade after President Donald Trump said he may not have to impose further tariffs on Chinese goods.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Friday, November 16

  • Finance
    Australian Associated Press

    Aust shares give up gains, end week in red

    Australian shares gave up early gains in volatile trading on Friday, ending the week about 3.2 per cent lower.

  • Finance
    Australian Associated Press

    APRA may up insurers' capital requirements

    APRA will review whether private health insurers should set aside more capital to protect policy holders.

  • Myer trading halt on disclosure allegation
    Finance
    Australian Associated Press

    Myer trading halt on disclosure allegation

    Retail giant Myer has denied suggestions it breached continuous disclosure obligations, but trading in its shares has been halted so it can respond more fully.

  • Finance
    Australian Associated Press

    ACCC approves Santos' $2.95bn Quadrant buy

    The ACCC will not oppose oil and gas firm Santos Ltd's $US2.15 billion ($A2.95 billion) acquisition of privately held Quadrant Energy.

  • NAB CEO Thorburn takes $2 million pay cut
    Finance
    Australian Associated Press

    NAB CEO Thorburn takes $2 million pay cut

    NAB chief executive Andrew Thorburn's has his pay cut by $2 million after the lender's poor financial and reputational performance.

  • Finance
    Australian Associated Press

    AAP Markets Report November 16

    Movements on overseas markets.

  • Wesfarmers undeterred by UK debacle
    Finance
    Australian Associated Press

    Wesfarmers undeterred by UK debacle

    Despite losing $1 billion on its disastrous and short-lived UK venture, Wesfarmers chairman Michael Chaney says Bunnings could have succeeded there.

  • Coles set for ASX after demerger vote
    Finance
    Australian Associated Press

    Coles set for ASX after demerger vote

    Coles should debut on the ASX on November 21 after Wesfarmers shareholders voted to demerge the supermarket giant into a $20 billion stand-alone business

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Thursday, November 15

  • Finance
    Australian Associated Press

    ASX avoids lower close on final-hour rally

    A rally in the last hour of trade wiped out heavy afternoon losses on the Australian share market, leaving the market every so slightly higher at the close.

  • Spring rain too little, too late for many
    Finance
    Australian Associated Press

    Spring rain too little, too late for many

    Rain may have reached drought-hit regions of NSW and Southern QLD in October, but it's too late to improve summer harvest prospects, according to Rabobank.

  • Unemployment rate stays at 6yr low of 5%
    Finance
    Australian Associated Press

    Unemployment rate stays at 6yr low of 5%

    The unemployment rate kept steady at a six-year low of 5.0 per cent in October, with the number of people with jobs growing by 32,800, according to the ABS.

  • GrainCorp FY profit dries up 43.7% to $70m
    Finance
    Australian Associated Press

    GrainCorp FY profit dries up 43.7% to $70m

    Bulk grain shipper and handler GrainCorp has seen a 43.7 per cent drop in its full-year profit to $70.5 million, with drought shrivelling the balance sheet.

  • Finance
    Australian Associated Press

    Buffett invests in JPMorgan, drops Walmart

    Warren Buffett's company picked up nearly 36 million shares of JP Morgan Chase stock in the third quarter and eliminated its stake in giant retailer Walmart.

  • Finance
    Australian Associated Press

    REA Group CEO heads to NY with News Corp

    Tracey Fellows, who has led realestate.com.au since 2014, will leave in January and start immediately as News Corp's president of global digital real estate.

  • Finance
    Australian Associated Press

    Roger David to shut all stores in weeks

    All Roger David stores will close within weeks, after no buyers emerged during a four-week process to sell them as a going concern.

  • Finance
    Australian Associated Press

    Wall St extends losses as financials drag

    US stocks have slipped further into the red as fears of stricter regulations on the banking industry dragged down financial sector shares.

  • Uber posts $1bn loss on bookings slowdown
    Finance
    Australian Associated Press

    Uber posts $1bn loss on bookings slowdown

    Bookings for Uber's ride-hailing and delivery services rose just six per cent in the latest quarter, with the firm losing $US1.07 billion for the quarter.

  • Finance
    Australian Associated Press

    AAP Markets Report November 15

    Movements on overseas markets.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Wednesday, November 14.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Wednesday, November 14.

  • Finance
    Australian Associated Press

    Aust market suffers broad-based losses

    Local energy stocks have wilted in the face of plunging oil prices, weighing heavily on the Australian share market.

  • Cricket to lift Seven's ratings, ad share
    Finance
    Australian Associated Press

    Cricket to lift Seven's ratings, ad share

    Seven West Media expects cricket to help it increase its ratings share amid a flat TV ad market over the coming year.