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Blackstone and ChemChina Bid for Agchem Firm Nufarm

12:31 PM MST | November 9, 2007 | Ian Young

Agchem company Nufarm (Melbourne) says it has received a takeover bid from a consortium of private equity firms Blackstone Group and Fox Paine Management, and China National Chemical Corp. (ChemChina; Beijing). Nufarm plans to recommend the offer to its shareholders. The A$17.25/share cash bid is “nonbinding and conditional,” Nufarm says. Nufarm also plans to pay a dividend of up to 30 cts/share based on its earnings and cash flow prior to the acquisition for a total consideration of up to A$17.55/share. The offer price of A$17.25/share is a 27%...

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