Malaga-based bottled water producer Refresh Group Ltd may enter a bidding war with national giant Coca Cola Amatil Group for control of Victoria's Palm Springs Ltd.
Malaga-based bottled water producer Refresh Group Ltd may enter a bidding war with national giant Coca Cola Amatil Group for control of Victoria's Palm Springs Ltd.
Palm Springs, a Victorian water cooler distribution company, was recently the target of a friendly takeover bid from Neverfail Springwater Co Pty Ltd, a subsidiary of the Coca Cola Amatil Group.
In light of the bid, Refresh announced that it would consider its position and could make a competing offer, subject to the completion of due dilligence and board approval.
According to a company announcement, Refresh had held informal talks with Palm Springs, a Victorian water cooler distribution company, in regards to merger and acquisition opportunities.
Below is a copy of the announcement:
On Monday 31 July 2006 Refresh Group Limited due to potential changes in the Australian bottled water market, requested a trading halt of its shares.
The Board of Refresh noted with interest the offer Neverfail Springwater Co Pty Ltd (Neverfail), a member of the Coca Cola Amatil Group, made for Palm Springs Limited which was released to the market on Friday 28th July 2006.
The Neverfail offer will be subject to Palm Springs shareholder and ACCC approval.
For some time Refresh has held informal and non-committal talks with Palm Springs Limited in regards to merger and acquisition opportunities.
As an offer has now been made by Neverfail, Refresh is considering its position and may make an offer that will be subject to the completion of due diligence and board approval.
ABOUT REFRESH GROUP LIMITED
Unlike spring or mineral water products, Refresh uses a patented steam distillation method of
purifying water that provides consistency of taste. Refresh is the only bottled water to carry the mark of Kidney Health Australia. The company also manufactures Oxyfresh, a super-oxygenated pure water containing up to 700% more oxygen than tap water.
Refresh Pure Water is retailed by Coles in WA. It is also distributed by IGA Distribution to Action, Dewsons, Supa Valu and other supermarkets throughout WA, while Refresh's "Moores" brand of bottled water is sold in Coles and Woolworths supermarkets in New South Wales and Queensland.
In addition to water products, Refresh provides contract bottling services to a number of
organisations, including the WA Water Corporation, and distributes the Durastill and Precision brands of distillation systems.