Dairy firm Clover says in takeover talks, shares jump
Clover Industries said on Friday it has entered into talks with an unnamed party that intends to acquire the entire issued share capital of the dairy company, sending its shares up nearly 12%.
Clover, which processes products including yoghurt, beverages, cheese and olive oil, did not provide further details. In September, the firm reported normalised annual profit tripling, boosted by its exit from the milk business and a recovery from drought the previous year.
Clover, which has a market capitalization of R2.73-billion ($190-million), did not provide further details.
Its shares jumped 13.3% to R16.01 by 0846 GMT.
"From an earnings point of view, they are going in the right direction. The last set of results was very positive. Whoever is buying it has definitely come in at the right time" said Greg Davies, equities trader at Cratos Capital.
In September, the firm reported normalised annual profit tripling, boosted by its exit from the milk business and a recovery from drought the previous year.
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