Brisbane Market confirms takeover bid

Brisbane Markets Limited (BML) has received confirmation from Produce Markets Queensland Pty Ltd (PMQ) that it has despatched its Bidder’s Statement for its unsolicited and conditional offer to acquire all shares in BML for $3.50 per share.

BML’s Target’s Statement, its formal response to the PMQ Bidder’s Statement, is being prepared and will be released within the next fortnight.

In the meantime, BML has significant concerns that a number of statements made by PMQ in its Bidder’s Statement are incomplete, misleading and inaccurate and should be read with caution. BML will address each of these items in its Target’s Statement.

In particular, the BML Board refutes allegations made by PMQ that the structure of BML is no longer appropriate. The BML Board is also concerned about the misleading nature of the statements PMQ has made regarding Brismark and the benefits which might flow to Brismark members if Brismark were to accept the PMQ Offer. Brismark must operate within the ambit of its own rules and in accordance with the regulatory regime under the Cooperatives Act.

BML wishes to ensure that its shareholders are aware of BML’s concerns and the Board continues to recommend that shareholders TAKE NO ACTION in respect of their BML shares until they have received the Target’s Statement and had the opportunity to consider all of the information.

For more information:
Barton Green
Brisbane Markets Limited
Tel: +61 (0)411 702 209
www.brisbanemarkets.com.au