CSR Limited (ASX:CSR) will go ahead with plans to spin off its sugar and renewable energy business, snubbing a takeover offer from China’s Bright Foods.
In a note to investors, CSR said it had considered the offer, but that its “preferred option continues to be to progress the demerger proposal,” as the board feels that choice is in the best interest of shareholders.
This week, Bright Foods made news of its offer public ahead of any announcement by CSR, in an apparent attempt to force CSR to act.
Bright Foods had reportedly offered to pay up to $1.5 billion for the units.
CSR shares have dipped 0.25% today, and are currently trading at $1.97.