Goodman Fielder Raises Ernest Adams Offer Price
GOODMAN FIELDER RAISES OFFER PRICE FOR ERNEST ADAMS
ATTN: Business Editors
Trans Tasman food group, Goodman Fielder Limited, has announced its intention to raise its offer price for New Zealand food company Ernest Adams Limited to $2.35 per share.
New Zealand Managing Director, Mr Colin Wise, said Goodman Fielder has decided to increase the offer to within the range stated as fair by the independent appraiser in order to facilitate a speedy conclusion to the process.
"As we have stated from the outset, we believe it is important to progress the acquisition as fast as possible to reduce uncertainty for shareholders, staff and customers," he said.
Mr Wise said the offer will only proceed if Goodman Fielder gains acceptance of at least 90 per cent of shares outstanding, completes satisfactory due diligence and obtains approval by the Overseas Investment Commission.
"The Goodman Fielder offer represents a 39 per cent premium over the average Ernest Adams share price at which it traded for the two month period prior to our notice on 14 July," he said. "Acceptance of this compelling offer will result in real benefits for shareholders and customers of Ernest Adams."
A formal offer will be sent to shareholders after the expiry of a mandatory two business day notice and pause filed today with the New Zealand Stock Exchange. The formal offer will be open for a period of one month to give shareholders adequate time to consider its benefits.
MEDIA RELEASE FROM GOODMAN FIELDER