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  • On Tuesday, Vitalharvest (VTH) received the ninth offer from Roc Partners, and now Macquarie has sent its tenth bid, matching the offer
  • Both companies have now offered $1.33 per unit or $357.35 million under an asset sale alternative
  • Macquarie have acquired a further stake in VTH, representing 20.9 per cent of the total number of VTH units on issue — a rise from 16.2 per cent
  • The company intends to vote against the Roc offer if it is put to a vote
  • Vitalharvest shares are sitting at $1.33 in a trading halt, a new high for the company

On Tuesday, Vitalharvest (VTH) received the ninth offer from Roc Partners, and now Macquarie has sent its tenth bid, matching the offer.

Both companies have now offered $1.33 per unit or $357.35 million under an asset sale alternative.

Macquarie have acquired a further stake in VTH, now representing 20.9 per cent of the total number of VTH units on issue — a rise from 16.2 per cent.

The company intends to vote against the Roc offer if it is put to a vote.

Both companies have been one-upping each other in recent months, but the jump to $1.33 by Roc represented the biggest increase since the bidding war started in February.

Macquarie and Roc have proposed changes to its respective proposals, including permitting a distribution for the full year if completion were to occur after June 30, 2021.

VTH is reviewing the tenth Macquarie Agricultural Funds Management (MAFM) proposal and the ninth Roc offer and will update the market as soon as possible. It said VTH unitholders do not need to take any action at this time.

The newest developments are part of a bidding battle that began in early November 2020 with MAFM’s first offer of $1 per unit or $300 million for the assets.

Roc originally entered the fray in February of this year with an offer of $1.08 per unit, or $314.8 million for the assets, and the two have been trading blows ever since.

In New South Wales, Tasmania, and South Australia, the Vitalharvest Freehold Trust has four berry and three citrous holdings.

Vitalharvest shares are sitting at $1.33 in a trading halt, a new high for the company.

VTH by the numbers
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