Private Equity fund, VGI Partners, has abandoned its hostile takeover bid for the iconic Brisbane Markets. The bid ultimately ran out of puff, with few supporters and lapsed at 5.00 pm on Friday, 1 July 2016.
The protracted bid became hostile with VGI Partners making an ongoing range of claims and allegations, which were generally shown to be baseless, misleading or false.
Ultimately, VGI/Produce Markets Queensland failed spectacularly in their efforts to convince shareholders to sell. Since the launch of its bid in November 2015, they received only minimal acceptances from BML
shareholders. In fact, by the time they called off the bid, acceptances represented less than 1% of BML’s issued share capital.
Chairman, Tony Joseph, says the proposed governance reforms which VGI says are required had one purpose, and that was to enable VGI to take control of the company. Brismark, as the major industry group representing Market tenants, made it very clear that VGI did not make a case for change, and that Market tenants did not want a private equity fund as a landlord.
“Ultimately shareholders, which include fruit and vegetable growers, wholesalers, secondary wholesalers and retailers, expressed a very strong vote of confidence to stick with the existing ownership and
management structure. Without the distraction of this ever increasing hostile bid, we can now get on with the business of running the Markets for the benefit of BML Shareholders and the industry alike,” Mr Joseph said.
For more information:
David Vogler
Tel: 0422 126 532