Nufarm shares slide as its buyout by Sinochem stalls
- 02 December, 2009 15:14
Shares in chemical manufacturer Nufarm (ASX:NUF) have fallen in value by 9% since the company announced yesterday it had yet to settle on the terms of its acquisition by Sinochem.
NUF has fallen from an opening price of $11.60 yesterday to $10.55 today. At its lowest point today, NUF was trading at $10.40.
Nufarm had expected to settle on a transaction implementation agreement by tomorrow, but has been told that Sinochem is still assessing the results of its due diligence investigation.
This delay, coupled with a small number of issues which have yet to be resolved, will keep the parties at the negotiating table past December 3, Nufarm said.
Sinochem’s offer price of $13.00 per share has remained unchanged.