Goodman Fielder Offer For Ern. Adams Unconditional
Goodman Fielder Offer For Ernest Adams Unconditional
Goodman Fielder Limited has declared its offer for New Zealand baked food company, Ernest Adams Limited, unconditional following the successful completion of all three principal conditions for the acquisition.
The Commercial Group Managing Director, Mr. Doug McKay, said Goodman Fielder has over 96 per cent acceptances from shareholders, received consent from the Overseas Investment Commission and has now satisfactorily completed due diligence.
Mr. McKay said that Goodman Fielder intended to compulsorily acquire all of the remaining shares and would finalise the acquisition of Ernest Adams in the next few weeks.
"It is pleasing that Goodman Fielder has passed all conditions and that we can now go ahead and finalise the acquisition so that we can provide shareholders, staff and customers with greater certainty about the future," Mr. McKay said.
"Goodman Fielder will support and grow the Ernest Adams brand in New Zealand and in offshore markets through our extensive international network."
Mr. McKay said it was premature to speculate about integration plans.
"We will discuss our future plans for Ernest Adams business with management and staff after we have acquired all of the shares and completed a full review of its operations," Mr. McKay said.
"We expect a full review of the business will take at least a couple of months."