The Acquisition consideration comprises 50% cash and 50% Elders scrip with a mix and match facility provided to AIRR shareholders. Elders is funding the Acquisition via a A$137 million equity raising and issue of A$79 million of new Elders shares to AIRR shareholders as scrip consideration.

Elders is a leading agribusiness brand throughout rural and regional Australia. AIRR is a member-based buying and marketing group for independent rural merchandise and pet and produce stores. AIRR's business is a national wholesale platform supported by a network of eight warehouses servicing more than 1500 customers, with approximately 240 independent member stores and an additional 100 Tuckers Pet and Produce stores. AIRR also owns and operates 5 retail locations in Victoria.

The AIRR Board of Directors has unanimously recommended that AIRR shareholders vote in favour of the Scheme.

MinterEllison is advising Elders in relation to the proposed acquisition, the capital raising, ACCC merger clearance, finance, employment and tax. The deal team is being led by Bart Oude-Vrielink (Partner), Kate Koidl (Partner) and Sudharshan Senathirajah (Special Counsel) supported by a core team of Sarah Soon (Senior Associate), Michael Watts (Senior Associate), Mark Simkiss (Lawyer), Alexander Persano (Lawyer) and Isobel Conroy-Ryan (Lawyer). Miranda Noble (Partner) and Tom Faulls (Senior Associate) provided competition advice to Elders and David Eterovic (Partner) and Leigh Schulz (Senior Associate) led the finance workstream.