Ebro fails to obtain a sufficient majority for the acquisition of Sunrice

The shareholders of Ricegrowers Limited – SunRice have decided not to accept the takeover bid submitted by Ebro on 20 October 2010. In total, 67% of the Class A shareholders and 76% of the Class B shareholders voted for Ebro’s bid, so the special majority of 75% needed in both series for the acquisition to go ahead was not reached.
Antonio Hernández Callejas has declared that “we will continue seeking other alternatives to set up business in the area. The operation was complex from the start because the special majority was a difficult target to meet, but the financial strength of Ebro puts it in an outstanding position to reach similar targets, in rice or in pasta. We will maintain the excellent relationship we have enjoyed so far with SunRice and perhaps in the future, if it changes its complex corporate structure, we will be able to find new possibilities for collaboration”