Vitasoy International Holdings (Hong Kong, via Vita International Holdings) → 49% stake in Vitasoy Australia Products Pty Ltd (from Bega Cheese)
completedBega Cheese sold its 49% stake in the Vitasoy Australia joint venture (inherited via its 2021 Lion Dairy & Drinks acquisition) to majority partner Vitasoy International for A$51 million, after Vitasoy exercised a contractual call option.
Vitasoy International wanted full ownership of its Australian joint venture rather than continuing to share control with Bega Cheese, an unrelated dairy company that inherited the stake incidentally.
Bega Cheese held the stake only as a byproduct of its Lion Dairy & Drinks acquisition and was contractually obliged to sell once Vitasoy exercised its call option; Bega initially disputed Vitasoy's opening offer of A$27.5m as undervalued before an independent expert determined A$51m was fair value.
Not specifically detailed in available coverage.
Deal mechanics
Call option exercise under the Vitasoy Australia Shareholders Agreement, at an independent-expert-determined fair value