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Maryborough Sugar Factory Limited (ASX:MSF) has announced that its suitor, Thailand’s Mitr Phol Sugar Corporation, has formally lodged a $320 million takeover bid for the company.
Mitr Phol is Maryborough’s 22 per cent shareholder and both companies inked a deal last week for Mitr Phol to buy all the shares that it doesn’t already own in the Queensland based sugar producer.
Maryborough’s board has unanimously backed Mitr Phol’s offer of $4.45 per share.
Having now completed due diligence Mitr Phol plans to distribute a bidder's statement within weeks.
In the 2011 financial year Maryborough Sugar Factory reported a net loss of $6.1 million.
