Goodman Fielder Completes Ernest Adams Acquisition

Friday, 22 October 1999, 1:08 pm
Press Release: Mediacom press release distribution

Goodman Fielder Limited has finalised the acquisition of New Zealand baked foods company, Ernest Adams Limited, following compulsory acquisition of remaining shares in the company.

Group Managing Director, Doug McKay, said Goodman Fielder had received acceptances for over 97 per cent of the shares in Ernest Adams before compulsory acquisition.

"We paid all those shareholders who accepted our offer $2.35 per share and acquired the remaining shares at the same price. Cheques are being despatched to those remaining shareholders today." Mr McKay said. "The independent appraisal report considered this to be fair and reasonable."

"We plan to de-list Ernest Adams from the New Zealand Stock Exchange and to integrate the company as quickly as possible within our Quality Bakers business in New Zealand.

"We have already established a joint Steering Committee comprising executives from both companies to develop an integration plan and expect to move quickly to provide certainty to staff and customers about the future profile of the business."

ENDS....

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