HK Scan Completes Rose Poultry Buy-out01 December 2010
DENMARK - HK Scan has completed the acqwuisition of the leading Danish poultry company Rose Poultry.
HKScan Corporation announced it had signed an agreement to acquire all the shares in the Danish poultry company, Rose Poultry A/S (“Rose Poultry”), on 9 September.
At the begining of November the approval by the competition authorities required to close the deal was obtained.
The transaction was closed this week and Rose Poultry has been transferred to HKScan’s ownership.
The final purchase price for the shares in Rose Poultry is at maximum €23.9 million. The purchase price consists of a cash payment of at maximum €15.9 million and at maximum 1 000 000 HKScan Series A shares. In connection with the deal, HKScan will also assume Rose Poultry’s interest bearing net debt, the amount of which on 29 November 2010 is approximately €43 million. The exact number of Series A shares to be issued as consideration will be calculated in accordance with the terms and conditions of the agreement concerning the acquisition of Rose Poultry and the confirmed number will be announced separately.