News: UMG UPDATE 1-Australia's United Malt agrees to $1 billion takeover offer from France's InVivo

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July 3 (Reuters) - United Malt Group Ltd (UMG) on Monday said it signed a deal to be taken over by Malteries Soufflet, a branch of French agribusiness InVivo, for A$1.5 billion ($999 million).

The A$5 per share offer represents a 45.3% premium to United Malt stock's closing price of A$3.44 on March 24, before the offer was first disclosed.

The 100% takeover would make InVivo the world's top malt producer and double the size of its malt business three years earlier than planned, InVivo Chief Executive Thierry Blandinieres had told Reuters back in March.

United Malt's board unanimously recommended that its shareholders vote in favor of the proposal.

"The United Malt Board believes that the Scheme Consideration appropriately reflects the value of our asset portfolio and the anticipated improvement in our near term earnings outlook," United Malt Chairman Graham Bradley said.

($1 = 1.5011 Australian dollars) (([email protected]; Twitter: https://twitter.com/damnit_saladin;))