Elders Market Update
In light of the press in the Australian Financial Review today, Elders Limited (Elders) confirms that it has not received a formal proposal from Ruralco Holdings Limited (Ruralco) or any other party in relation to an offer for the company, a merger or a transaction related to Elders Rural Services.
Elders confirms that it received a short confidential letter from Ruralco regarding the potential for a transaction opportunity between Elders and Ruralco. The letter was conceptual in nature and lacked sufficient detail to enable it to be evaluated. Elders advised Ruralco that if it provided a sufficiently detailed proposal the Board would evaluate it and Elders has heard nothing from Ruralco since that time.
The Elders Board would obviously consider and evaluate any sufficiently detailed proposal, should one be made
In Elders’ view, the approach from Ruralco underscores the progress that Elders is making in its strategy to become a “pure play” rural services businesses. Elders remains fully committed to the execution of that strategy and continues to believe that it has the capacity to create significant value for shareholders over time.