That's Bega Cheese's message to drinks giant Kirin - and its pitch to get exclusive talks to buy the Japanese company's up for sale Australian white milk, milk-based beverages, yoghurt and juice business. Bega Cheese executive chairman Barry Irvin confirmed the deal on Thursday, with the sale expected to be completed by January 2021. Bega Cheese to buy Lion Dairy for $534m | … The net acquisition price is $534 after a $26 million deduction for IT separation costs. Credit: AAP. This will allow the company to push ahead with its plan to purchase Lion Dairy & Drinks for $534 million. Bega Cheese will buy Lion Dairy & Drinks for $534 million and substantially bolster its product range and retail presence. Bega Cheese can now look forward to gaining clout in the global food sector after a A$560 million deal to buy Lion Dairy and Drinks business.With the addition of more well-known dairy products including yoghurt, cheese and flavoured milk to the portfolio, the ASX-listed diversified food company would now be better placed in dealing with the growing competition. ASX-listed dairy company Bega Cheese will purchase Lion Dairy and Drinks from Japan’s Kirin for $534 million. Bega’s $534 million deal to buy the Lion Dairy and Drinks business includes $25.9 million in mainly IT separation costs, which Bega says Lion will pay, but is a moot point. Bega Cheese this week acquired Lion Dairy and Drinks for $534 million just three years after doling out $460 million to acquire Vegemite and peanut butter from Mondelez International. November 26, 2020. Bega Cheese Limited (“Bega Cheese”, “BGA”) is pleased to announce that it has entered into a binding Share Sale and Purchase Agreement to acquire all of the shares in Lion Dairy & Drinks (“LD&D”, “Company”) for a net acquisition price of $534 million 1 (“Acquisition”). Bega Cheese has raised approximately $284 million at a … Bega has sent a request for proposal to accounting firms in recent weeks to help it run financial due diligence on Lion Dairy & Drinks. This morning Bega Cheese announced the launch of a $401 million underwritten entitlement offer and placement to fund the acquisition of Lion Dairy & Drinks for $534 million. Bega Cheese has agreed to acquire Lion Dairy & Drinks for AUD560 million ($412 million) from Australian food and beverage company Lion, which in turn is a subsidiary of Japanese beverage company Kirin Holdings. Emerging from a week-long trading halt, Bega … Part of the sale are all the white milk, milk-based beverages (MBB), yoghurt, juice and water ice brands and assets of Lion Dairy & Drinks. Article content. Bega Cheese executive chairman Barry Irvin says adding a range of popular household dairy names such as Yoplait, Big M and Pura Milk to its books will finally give the business the heft it was seeking in the global food sector. The deal, which will be funded through existing debt facilities and a planned $401 million capital raising, will bolster Begas position in the food mark Bega Cheese has purchased Lion Dairy and Drinks for $534 million dollars. Bega Cheese has announced it will acquire all shares in Lion Dairy & Drinks (LDD) for $560 million. “The sale will see Bega, as an established dairy and food company with more than 120 years of heritage, well placed to drive the business forward given its deep dairy capabilities and strong commitment to iconic Australian brands and the local dairy industry,” Lion CEO Stuart Irvine said. Bega Cheese will buy food and beverage company Lion for $534 million and substantially bolster its product range and retail presence. TOKYO — Japan’s Kirin Holdings Co has decided to sell its Australian dairy firm Lion-Dairy and Drinks Pty Ltd to Bega Cheese Ltd for more than 40 billion yen ($385 million), the Nikkei business daily reported on Saturday. Bega Cheese – the owners of the Peanut Company of Australia – has agreed to buy Lion’s Dairy & Drinks business for $534 million. Bega, Tanarra Capital and Saputo are all vying for control over the drinks brand with final bids due in the coming days. Lion has about 6 per cent of the fragmented Australian dairy market, said industry researcher IbisWorld, with household milk brands like Pura and Dairy Farmers. Yesterday, Bega revealed it has entered a binding agreement to purchase Lion Dairy & Drink in a $534 million deal from Japanese company Kirin.. Last year, Lion was intended to be sold to Chinese company Mengniu Dairy, however, the deal was terminated by the … Bega Cheese is reportedly set to acquire Kirin Holding's Australian dairy and beverages business, Lion Dairy & Drinks, with an announcement of the deal expected imminently. Bega Cheese (ASX: BGA) will acquire Kirin-owned Lion Dairy & Drinks for $534 million, effectively bringing the former National Foods brands back into Australian hands. Bega Cheese has confirmed it will buy Lion Dairy & Drinks for $534 million, substantially boosting its product range and retail presence. Bega To Buy Lion Dairy. The acquisition of the Lion dairy and drinks business gives Bega some real muscle in the Australian industry, but also increases the export business to about $500 million in revenues. Bega informed the share market of its intention to buy Lion — which produces milk drinks, yoghurt, juices, cream and custard — on Thursday. It will undertake a $401 million capital raise with the deal expected to be completed by the end of January. Japanese brewer Kirin Holdings has reportedly entered into a deal to sell its Lion Dairy & Drinks subsidiary in Australia to local company Bega Cheese. BEGA Cheese has opened up its share offer to raise $117 million from existing retail shareholders to help pay for its acquisition of Lion Dairy and Drinks. “Today’s announcement is an important step forward. The sale is $40 million less than what Chinese suitor China Mengniu Dairy Company offered to pay for the business in November, 2019. Yoplait in Australia is part of the Kirin sale to Bega. Japanese media reported the Lion Dairy and Drinks acquisition was done days ago, saying the price was more than 40 billion yen ($530 million), and speculation mounted when Bega … Now, Bega Cheese is the frontrunner to snap up the company in a mooted $500 million deal, according to The Australian. The purchase will be completed by the end of January 2021. related to Mergers & acquisitions, Soft drinks, Water, Kirin, Bega Cheese has been tipped as the frontrunner to takeover Lion Drinks & Dairy. Bega Cheese has bought Lion Dairy and Drinks in a $534 million deal that will see it become the new owner of brands such as Farmers Union, Yoplait and Dairy Farmers milk. Completion of the Acquisition is anticipated to occur at the end of January 2021 2. Bega Cheese has announced Thursday morning that it has acquired the Lion Dairy and Drinks business for a headline number of $560 million. The acquisition is expected to be completed by the end of January. The Bega Cheese Ltd () share price is soaring today following news the Aussie dairy company will acquire Lion Dairy & Drink. With Bega announcing the $560 million deal to buy Lion’s dairy and drinks business … Bega buys Lion’s Australian dairy business in $560m deal Read More » Dairy Farmers Milk Co-operative members who supply about 230 million litres of milk annually to Lion, would be happy with either Bega or Tanarra taking control, said … Bega Cheese has confirmed it will buy Lion Dairy & Drinks for $534 million, substantially boosting its product range and retail presence. Bega Cheese poised to pounce on Lion with $500m-plus dairy buy 3 weeks, 5 days ago Bega Cheese set to buy Lion with $500m-plus offer Andrew Marshall @BurrenAndrew 26 … Bega Cheese has acquired Lion Dairy and Drinks for $534 million, returning iconic brands like Dairy Farmers, Farmers Union, Pura Milk, Big M and Yoplait to Australian ownership. 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