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....