One of Australia's oldest dairy companies is being pursued by numerous buyers, and now a loyalty and payments company has entered the fray.
ASX-listed OnCard International reportedly wants to trade its high tech business model for dairy production through the acquisition of Tasmanian dairy and land management company, Van Diemen’s Land Company.
OnCard has reportedly made a non-binding offer for the Tasmanian business and paid a deposit in a counter bid to another made by two Chinese partners, in partnership with Lempriere Capital equity managers, according to The Australian.
OnCard said: “This opportunity is consistent with OnCard’s strategy to ultimately build an integrated business based on premium food products primarily sourced from Tasmania.”
OnCard is also proposing to change its name to TasFoods.
In June, Harvey Norman bid for a 49.9 per cent stake in Victorian dairy operator and cattle breeder Coomboona Holdings.
The 190 year-old Van Diemen’s Land, which has had a string of foreign owners, runs a herd of 29,000 dairy cattle on 19,000ha of farmland.
The company, which is owned by New Zealand company Taranaki Investment Management, has confirmed it is on the market and is looking for an equity investment of $220 million.
