NZ: shareholders reject kiwifruit merger
Shareholders in New Zealand kiwifruit company Satara have knocked back the proposed takeover from Eastpack with votes falling just short of what was needed. 
Four out of five resolutions were passed by more than 84% of shareholders, but one resolution only reached 74.8%; just shy of the 75% required for it to be passed.
The offer includes NZ$0.60 per share plus NZ$0.05 dividend for Satara's non-grower investors.
The Eastpack board intends to continue with the merger attempt with 97% of its shareholders voting in favor, while the company's chairman Ray Sharp and Satara chairman Hendrik Pieters were pleased with the overall mandate.
"Even though we had a clear mandate from over 84% of our shareholders, due to the influence of one special interest group the merger proposal, as it stands, will not proceed," Pieters said.
"I am sure there will be a lot of disappointed growers. We will remain in discussions with EastPack and decide whether to go to vote again considering how close the decision was."
