Goodman Fielder shareholders approve takeover

Goodman Fielder shareholders have voted in favour of the proposal from Wilmar and First Pacific to acquire 100 percent of Goodman Fielder.

Goodman Fielder shareholders have voted in favour of the proposal from Wilmar International Limited and First Pacific Company Limited to acquire 100 percent of Goodman Fielder (through an Australian jointly owned entity) via a Scheme of Arrangement.

More than 99 percent of votes were cast in favour of the 67.5¢-a-share offer, while just over 80 per cent of shareholders approved overall.

Goodman Fielder Chairman, Steve Gregg said the transaction was an attractive value outcome for Goodman Fielder shareholders and also represented a positive outcome for the company’s employees, customers, suppliers and consumers.

“Recommending shareholders vote in favour of the resolution was not a decision the Board took lightly. We are very mindful of the iconic status of Goodman Fielder across Australia and New Zealand and the rich history it enjoys across this region.

“While in one respect it will be sad to see the company change from public shareholding to private ownership, I also think it is important to recognise the significant opportunity that can come from this change.

“Wilmar’s scale and distribution networks, together with First Pacific’s experience and both parties’ financial resources, will provide meaningful scale to Goodman Fielder’s existing operations and allow the company to grow its presence further in the Asia Pacific region.

“We’ve consulted widely with our people through this transaction process, and they are excited about the future prospects that this change of ownership can bring for Goodman Fielder,” Gregg said.

A Federal Court hearing is scheduled for 2 March to approve the takeover and Goodman Fielder shares are expected to stop trading the day after.

Goodman Fielder owns brands such as Helga’s, Mighty Soft, White Wings, Praise and MeadowLea.



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