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Goodman Fielder Extends Ernest Adams Offer

Goodman Fielder Limited has extended its NZ$2.35 offer for all of the shares of New Zealand baking company, Ernest Adams Limited, until Friday, 1 October 1999 to allow shareholders who have not yet accepted further time to consider the offer.

Goodman Fielder has already received acceptances for 89.4 per cent of the shares in Ernest Adams, which means that only 0.6 per cent is now required to reach the 90 per cent threshold.

Commercial Group Managing Director, Mr Doug McKay, said Goodman Fielder was delighted with the high level of acceptances so far and is confident that remaining shareholders will also accept once they have had further time to consider it.

"We hope that shareholders who have not yet accepted will see the merits of what many shareholders have confirmed is a compelling offer and accept quickly so we can end uncertainty for staff and customers," Mr McKay said.

"The NZ$2.35 per share offer is within the fair value range estimated in the independent valuation report and will be our final offer. It is a 39 per cent premium to the average price for Ernest Adams before the offer was made and will not be changed."

The Directors of Ernest Adams have confirmed that no alternative offer is available and the independent valuation report warns that the share price may trade at lower levels, at least initially, if the Goodman Fielder does not succeed.

"Let us be clear so there are no misunderstandings. The Goodman Fielder offer is the best and only offer on the table." Mr McKay said.

"Goodman Fielder hopes remaining shareholders will accept, and that we can then complete due diligence, so that we will be in a position to declare the offer unconditional by 1 October."


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