Wilmar apparently not giving up on PCSMA

Wilmar subsidiary Sucrogen gets a second chance with PCSMA members voting once more in October on the purchase offer.

A Reuters report noted, “Sucrogen has agreed to Proserpine members having a second opportunity to vote on its offer in October, it said in a statement, adding that it will continue its financial support to Proserpine.”

Sucrogen CEO Ian Glasson was quoted as saying, "Maintaining our offer will allow Proserpine growers more time to recognise the attractiveness of Sucrogen's offer compared to previous rival offers."

In order for Sucrogen’s offer to be approved, at least 75% of voting Proserpine Co-operative Sugar Milling Association members need to vote in favour of Sucrogen’s offer to acquire PCSMA’s assets.

During the first voting, Sucrogen got only 70% positive votes from PCSMA members.

View the report here.