Thai sugar giant buys MSF Sugar

MSF Sugar.

Karleila Thomsen

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MSF SUGAR is now effectively owned by Thai sugar giant Mitr Phol, after the company's sale went unconditional.

Mitr Phol confirmed the sale will go ahead, after reaching a 57.69% share in the Maryborough-based company.

"Our offer has received strong support from MSF shareholders to date, and we are pleased to declare the offer unconditional now that we have a majority interest in MSF," Mitr Phol president Krisda Monthienvichienchai said.

But while it has acquired a controlling stake, a Mitr Phol spokesperson made it clear the company still hoped to achieve a 100% buy-out, in a deal worth $313 million at $4.45 a share.

"We have been experiencing an increase in acceptances over the last week which has taken us above 50%," the spokesperson said.

"Mitr Phol together with MSF is pleased with the overwhelmingly positive reaction and encourages all remaining shareholders to accept the offer before it closes."

MSF Sugar directors and most shareholders have already signed their stakes away, raising hopes that the minority remaining will follow suit.

The offer will close on February 24, after a last-minute postponement last week saw the deadline pushed from February 10.

Following completion of the sale, Mitr Phol will undertake a detailed review of MSF's assets and strategies in order to build the business.

The company has reassured workers it will continue to invest in the existing mills, including Maryborough.