BWG Foods Acquisition Of ADM Londis Edges Closer
Published on Mar 2 2015 5:12 PM
The acquisition of ADM Londis plc by BWG Foods looks to be edging closer to completion, with the Competition and Consumer Protection Commission announcing that the proposed deal has now entered the Phase 1 (Preliminary Investigation) process.
The Commission is accepting third party submissions on the proposed acquisition between now and March 12.
A letter issued to Londis retailers at the end of last week, by Londis chief executive Stephen O'Riordan, stated that "the required majority of Londis’ shareholders have accepted the Offer in respect of their shares and, as such, have approved the sale of Londis to BWG."
Approval was subject to certain conditions, including acceptance of the offer by at least 80% of Londis shareholders by February 27, with the letter adding that "acceptances well in excess of this threshold have now been received."
Retail Intelligence understands that the percentage of Londis retailers that accepted the offer was in the high 90s.
The letter goes on to state that resolutions relating to the offer were "passed with unanimous support" at a Londis EGM on February 20.
BWG Foods has previously confirmed its commitment to retaining the Londis brand, should the deal be cleared by the Competition and Consumer Protection Commission.
© 2015 - Checkout Magazine by Stephen Wynne-Jones