Consortium to seek support
Consortium to seek support
on Genus offer
ALCHEMY Partners and the rest of the consortium interested in taking over Genus have stepped up their campaign to win shareholder support.
This week they announced that former ADAS chief executive Julia Walsh had been appointed chairman of the group, which made an indicative offer for Genus of more than £27m last August.
Although Dr Walsh has been involved with the project since the outset, her public appointment is designed to raise the profile of the bid and put further pressure on the Genus board to hold discussions.
"Our offer is at this stage only indicative because we do not have sufficient information on which we can fairly set a value which shareholders could accept.
"All we are asking is that such information is made available. We believe the majority of farmers would want us to have the opportunity of putting forward definitive proposals," said Dr Walsh.
"I believe the farming community is unclear where Genus is going," she added. "There is no longer a clear and dedicated focus on breeding wherein the skill base lies. The breeding activity has been distanced from the consultancy business to the detriment of farmers. And the move into untried areas, such as arable consultancy, is dissipating."
These points were dismissed by Genus, which accused the consortium of a "futile media campaign".
"It is perfectly clear that the farming community understands and supports the Genus strategy and would like the company to be allowed to pursue its activities for the benefit of British farmers," said chief executive, Richard Wood. In the absence of any formal offer, the consortium should "put up or shut up".
A consortium spokesman admitted it would be more difficult to bring forward a formal offer if Genus continued to stonewall its approaches.n
Julia Walsh: Seeking discussions with Genus management so that the consortium can formalise its bid