Apata / Aerocool Merger
Media Release Wed 06 Nov 2013.
APATA AND AEROCOOL TO MERGE
Special General Meetings were held yesterday for Apata and Aerocool shareholders respectively to vote on the merge of the companies. Overwhelming support was shown at each meeting with 99.8% votes from Apata & 95.2% from Aerocool.
Managing Director Stuart Weston said “ the Boards of both companies are delighted with the support, and pleased that the benefits of a stronger company are obvious to our Growers and Shareholders. This has been an extraordinary process given the goodwill evident the whole way through, and we’re resolved to maintain our core values of Integrity, Performance and strong Grower relationships. We’re already well underway with planning for 2014 harvest and beyond, and see we’re a stronger company as a result of this merge.”
Eastpack made an 11th hour bid to Aerocool shareholders after an unsuccessful bid earlier this year. Aerocool declined the offer and proceeded with the merge with Apata.
Weston’s reaction: ”...this really was the cherry on the top for us – Eastpack’s attempt to derail the merge is a public declaration that they’re concerned about the competitive threat this larger company poses to them, as well they should be. Their doubt creating strategy was too little too late, and I really had expected more from them. In any event we enjoyed the theatre, and grateful for the additional coverage we’ve received as a result. I invite any Eastpack growers to come and see me if they’re at all interested in why competitors see us as such a threat”.