Australia’s United Malt gets near $1 billion offer from France’s InVivo

Adds details on offer

March 28 (Reuters) – United Malt Group Ltd UMG.AX said on Tuesday it had received an indicative, non-binding offer from Malteries Soufflet, a branch of French agribusiness InVivo, valuing the commercial maltster at A$1.50 billion ($998 million).

The A$5 per share offer represents a 45.3% premium to United Malt’s last close of A$3.44. Trading in shares of the company were halted on Monday.

United Malt disclosed it first received an offer of A$4.15 per share in December followed by several others from the French firm. The latest proposal was made on March 14.

The company has granted Malteries Soufflet exclusive access to conduct due diligence.

InVivo, which acquired agribusiness peer Soufflet last year, has said that it aims to become the world’s top malt producer within five years through external growth.

United Malt Group is the world’s fourth largest commercial maltster, producing bulk malt for brewers, craft brewers, distillers and food companies. The company has processing plants in Canada, the United States, Australia and the United Kingdom.

($1 = 1.5038 Australian dollars)

(Reporting by Harish Sridharan in Bengaluru; Editing by Sriraj Kalluvila)

((Harish.Sridharan@thomsonreuters.com; Twitter: https://twitter.com/damnit_saladin;))

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