Early Acceptances Confirm Goodman Fielder Offer

Friday, 13 August 1999, 9:58 am
Press Release: Mediacom press release distribution

Early acceptances by shareholders for 76 per cent of Ernest Adams shares confirms that the Goodman Fielder offer of $2.35 per share is compelling, Commercial Group, Managing Director, Mr Doug McKay, said.

"The $2.35 per share offer for 100 per cent of Ernest Adams shares is within the fair valuation range estimated by the independent appraisal report and the overwhelming level of early acceptances confirms our offer is compelling, " he said. Mr McKay said it was Goodman Fielder's firm view that the $2.35 per share offer is the best option for Ernest Adams shareholders. He highlighted comments in the independent appraisal report about the potential share price consequences if the Goodman Fielder offer does not succeed.

"The independent appraisal report has warned that in the absence of a better offer, and none has emerged, the share price of Ernest Adams may trade at lower levels, at least initially, if the Goodman Fielder bid does not succeed," he said.

"Now that we have overwhelming majority support, Goodman Fielder is keen to achieve the 90 per cent acceptance threshold, complete due diligence and obtain regulatory approval so that we can complete the acquisition and end uncertainty for shareholders, staff and customers."

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