MILK processing giant Saputo’s acquisition of Murray Goulburn is expected to be completed on May 1.
MG announced on Wednesday the Foreign Investment Review Board had approved Saputo’s acquisition of all operating assets and liabilities.
The initial distribution of 80c will be paid to shareholders and unitholders on May 15, while the record date for capital return on its shares and units in the MG Unit Trust is April 23.
From May 1, chief executive Ari Mervis and chief financial officer David Mallinson will step down.
Amy Alston will also cease to be company secretary.
MG chairman John Spark said “Ari is among the most talented executives I have worked with and he has worked tirelessly to resolve the difficulties faced by MG’’.
‘‘The board remains unanimous Saputo provides the best outcome for suppliers and investors and this is supported by the work undertaken by Ari and his management team during the strategic review.
“David has also made a sustained contribution to MG in the various roles he has performed and we thank him for his service, in particular helping to manage MG as interim chief executive officer during very challenging circumstances.
‘‘I would also like to thank Amy for her outstanding counsel to MG. We wish them all well in their future endeavours.”