Sadia and Perdigao: the deal is still off
Brazilian meat packer Sadia has withdrawn its increased offer
in the takeover bid for domestic rival, meat processor
Sadia increased its offer from
27.88 reais (€10.07) per share to 29 reais (€10.48) per share after the
original offer encountered resistance from the Perdigao
shareholders, who then rejected Sadia's price offer for a second time. More than
55% of shareholders voted to reject the increased offer.
The acquisition would have helped move Sadia closer to its goal of
fending off foreign takeovers and overtaking international rivals including Tyson Foods,
Smithfield Foods and Pilgrim's
Pride, the world's largest meat processors.
By acquiring Perdigao, Sadia could have become Brazil's fourth-largest
exporter with revenue from overseas operations totalling US$5.5 billion a
To comment, login here
Or register to be able to comment.