Business
Bega Cheese (ASX:BGA) share price jumps 10% on Lion Dairy & Drinks acquisition
The Bega Cheese Ltd (ASX: BGA) share price has returned from its trading halt and is surging higher on Friday.
At the time of writing, the food company’s shares are up 10% to $5.57.
Why is the Bega Cheese share price surging higher?
Investors have been buying the company’s shares this morning after it completed the underwritten institutional placement and the institutional component of its 1 to 4.5 pro-rata accelerated non-renounceable entitlement offer.
This will allow the company to push ahead with its plan to purchase Lion Dairy & Drinks for $534 million.
Bega Cheese has raised approximately $284 million at a 9.1% discount of $4.60 per new share. This comprises $181 million via its placement and $103 million via its…
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