Select Harvest rejects Arab takeover, launches $65m local capital raising

10 October 2017

Andrew Marshall FarmOnline

Hot on the heels of rejecting a $430 million Arab takeover offer, big almond growing and nut processing business, Select Harvest, has launched a share market capital raising bid for about $65m.

Select has already placed 10.7m new shares worth about $45m with institutional investors.

It will offer more shares worth about $20m to existing shareholders in the Victorian-based orchard operation – Australia’s biggest almond business.

The new share purchase price is $4.20, or possibly less for existing shareholders, which is well below the $5.85 suggested last month by the United Arab Emirates’ sovereign investment arm, Mubadala Investment Company in Abu Dhabi.

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