Blue Sky left searching for positives after Binxi offer lapses

Invercargill based meat processor Blue Sky Meats is trying to put a positive spin on its prospects after being advised by Chinese cattle and meat company subsidiary NZ Binxi Oamaru that its takeover offer would not proceed. The main reason for the decision was failure to receive OIO approval by the 20^th March deadline, but Binxi also cited a material adverse change in this season’s performance. As a result Blue Sky has advised shareholders they will continue to own their shares, 96% having already accepted the offer.

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