LIC confirms talks with herd management technology specialist Afimilk
- 18 February, 2020 07:10
NZX-listed Livestock Improvement Corporation (LIC) this morning confirmed speculation in Israeli media that it was in "advanced discussions" to acquire half of Afimilk.
Based in Afikim, Israel, Afimilk is a cooperative, like LIC. It claims to be the global leader in developing, manufacturing and marketing computerised systems for the dairy farm and herd management.
"The discussions with the Afimilk shareholders are incomplete and ongoing, and there is no certainty that a transaction will be concluded," LIC said in a stock exchange notice this morning.
Afimilk, founded in 1977, makes products n three categories: cow monitoring via sensors, farm management software and "parlor automation" gear to measure milk yield and quality.
LIC, which also went into an NZX trading halt this morning, said it would continue to update the market in line with its continuous disclosure obligations.
LIC also develops technology systems for the dairy industry and owns of a trove of New Zealand dairy genomics data it describes as the "crown jewels" of the dairy industry.
The trading halt has been put in place pending the release of an announcement regarding the outcome of the proposed Afimilk transaction.
The halt will remain in place until the earlier of an announcement being made by the issuer in relation to the possible transaction or market opening on Thursday, 20 February.