Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>