A consortium of Chinese private equity fund Wattle Hill RHC and Sydney-based peer Roc Partners have agreed to buy Australia-based Capilano, a honey packing and selling company, for A$189.8 million ($138 million).
The deal will offer the honey producer’s shareholders $14.57 per share in cash or stock, representing a premium of 28.2 percent to the stock’s last close.
Capilano said that Wroxby Pty Ltd, which currently holds a 20.6 percent stake in the company, intends to vote in favor of the deal if there is no superior bid.
Capilano shares surged as much as 27.73 percent to their highest since August 2016.