AAC +1.16%: The owner of nearly 400,000 head of cattle and about 1% of Australia’s land mass appointed a new CEO today from within, promoting Chief Operating Officer David Harris. It would be a tough gig given UK based Billionaire Joe Lewis owns a tad over 50% of the company (via an investment vehicle called Tavistock) while Andrew Forrest’s Tatterang owns 17.4%. There was optimism that one of these two would take it out completely with it more likely being Tatterang however Tavistock crept up the register from 48% to a shade above 50% which is enough to have the lions shares of votes, and cast more doubt over whether or not a full takeover would happen. AAC has also been struggling with concerns around foot and mouth and lumpy skin disease after outbreaks in Indonesia, with shares now down 30% from their June highs and back to a level that looks appealing.
MM continues to see value in AAC sub $2
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