China’s Bright Food Group has made an offer to negotiate for the sugar and renewable energy business of CSR Limited (ASX:CSR) for up to $1.5 billion.
Bright Food made the announcement ahead of CSR, in what appears to be an attempt to force the Australian company to recognize the offer.
CSR has been proceeding with plans to spin off the unit, even while negotiating with Bright Food.
In its own statement, CSR acknowledged that Bright Food had previously expressed an interest in the business, but stated that “its expression of interest lacked certainty as to value, timing and likelyhood of completion.”
But the CSR board said it will consider any proposal and keep the market informed.