ASX-listed TasFoods got an interim injunction from the court to stop New Plymouth council’s investment arm from selling the Tasmanian-based VDL farms to Chinese businessman Lu Xianfeng.
“The company is taking legal advice and considering its next steps,” TasFoods said. “The company believes it has a strong claim and a further announcement will be made to ASX in due course.”
TasFoods planned to sell up to 976 million shares at 25 Australian cents apiece, raising A$244m toward the purchase, and its shares had soared to 68c on the prospect of the deal. Shareholders are scheduled to vote on whether to back the deal on December 18.
The shares sank 24% to 33 Australian cents today.