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TasFoods launches legal action after sale agreement cancelled in favour of

VDL sale timeline:Deal struck for VDL sale to TasFoods on November 6TasFoods deal "in excess of $280 million"NPDC announces new buyer with "commercially superior" bid on November 20TasFoods launches legal action over failed dealChinese businessman revealed as buyer on November 26

TasFoods, formerly OnCard International, entered into a sales agreement to imitation van cleef and arpels necklace buy VDL from the New Zealand based New Plymouth District Council (NPDC) earlier this month.

In a statement on the ASX, TasFoods said the price agreed in the deal struck with the foreign buyer was less than its bid, which was in excess of $280 million.

TasFoods chairman Rob Woolley said the company had been working diligently and in good faith to complete the acquisition.

"It's a large transaction.

"There's a lot of moving parts with this whole deal and as it turns out, there were one or two moving parts that we weren't aware of," he said.

"We felt very misled at the end because whilst we didn't have a complete exclusivity arrangement with the vendor, we were led to understand they were dealing solely with us.

"There was a mutual fake van cleef and arpels necklace understanding of our requirements and they were very clear that they were meeting those until right in the end.

"We feel that we haven't been treated fairly and we feel that we made a very fair and a very clean offer."

TasFoods still hopeful of acquiring VDLMr Woolley said TasFoods had obtained an injunction from the Supreme Court in Victoria to stop the sales agreement from being terminated before a hearing on Wednesday.

Van Diemen's Land Company The imminent sale of Tasmanian dairy giant VDL is more than a business deal when the company changes hands it could create history.

"It's to do with how they were dealing with us," he said.

"The issues are really with the New Zealand vendor. and the New Plymouth District Council. they're detailed legal arguments.

"[The outcome is] very difficult to predict at this stage.

"We'll hope that that interim imitation alhambra necklace van cleef injunction is confirmed and we'll work towards that."

Mr Woolley said he hoped a takeover was still possible.

"We'd really like to acquire VDL," he said.

"We wouldn't have chased it so hard.

"I think for us to say anything other than that is too premature."

Existing workers jobs safe: VDLMeanwhile VDL said the new buyer had confirmed all existing staff would be retained on terms "no less beneficial" than their current conditions.

New Plymouth District Council's investment arm Taranaki Investment Management Limited has owned VDL for the past seven years.

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