RFG loses bid to rival

Retail Food Group (RFG) has withdrawn its bid between its wholly owned subsidiary, Systems Franchisor, and Oaks Hotels & Resorts.

Initially, the company put forward an offer to Oaks for consideration but its bid was succeeded by rival Minor International.

Minor International had announced that it received an exemption from ASIC to acquire 34.4 per cent of Oaks shares from the receivers and managers for Centrepoint Holdings and Oaks Apartment Management.

"The granting of this exemption was a defeating condition to RFG's takeover offer," RFG said in a statement.

From this, RFG has reaffirmed its principal focus remains in the acquisition and proliferation of retail assets and franchising.

It said it will continue “to investigate a number of promising retail food franchising opportunities”.

RFG is the owner of Donut King, Brumby’s Bakeries, Michel’s Patisserie, bb’s café and Esquire Coffee Houses.