The South African poultry processor Country Bird Holdings has increased its stake in local peer Quantum Foods by purchasing shares from industry rival Astral Foods. Quantum first reported Astral’s intent to sell its shares in the company on March 7. Updated filings reveal that Astral has sold 10% of its shares in an over-the-counter deal to Country Bird Holdings.
The transaction was finalized after Astral received an unsolicited offer from Country Bird Holdings. Quantum Foods stated that they were not aware of the negotiation and that they currently have no further information about the deal. Country Bird Holdings has since increased its stake in the group even further.
In response to these developments, Just Food has reached out to Country Bird Holdings for comment on the transaction. Quantum also received information from another shareholder indicating that Country Bird Holdings has made an offer to purchase their shares, while another shareholder plans to offer their shares to the market.
During the period from March 1 to March 7, Quantum’s share price increased by approximately 104.4%. Notably, Country Bird Holdings previously attempted to acquire Quantum Foods by buying a 31% stake in the company in 2020. However, Quantum’s directors took action to prevent this acquisition, and Silverlands II acquired a 32% stake in the group.
According to Quantum Foods, Country Bird Holdings currently owns 15.8% of the business, trailing behind Braemar Trading with 30.8% and Aristotle Africa S.à.r.l. – a subsidiary of Silverlands – with 34.2% ownership.
