Goodman Fielder: Shareholders of iconic Australasian food company vote in favour of foreign takeover
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Shareholders in Goodman Fielder, the maker of a wide range of iconic Australian food brands, have voted overwhelmingly in favour of a foreign takeover.
Goodman Fielder is the maker of brands such as Helga's and Mighty Soft bread, MeadowLea and Olive Grove margarine and Praise mayonnaise.
The company advised the ASX that more than 99 per cent of votes cast were in favour of the deal with Singapore-based agricultural and food processing firm Wilmar International and Hong Kong investment fund First Pacific.
Just over 80 per cent of shareholders approved the deal, indicating that a number of people with small holdings of stocks opposed the buy-out.
But the final result easily met the required level of 50 per cent of shareholders and 75 per cent of votes.
"Recommending shareholders vote in favour of the resolution was not a decision the board took lightly," Goodman chairman Steven Gregg said of the decision.
"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."
Mr Gregg said the deal would help Goodman Fielder expand its presence in the Asia-Pacific region.
The takeover still needs Federal Court approval, with the deal expected to be finalised before the end of next month.
Goodman shareholders stand to receive 67.5 cents per share.
The potential takeover first emerged in April last year, with an initial offer of 65 cents a share briefly increased to 70 cents before being trimmed to the final agreed price.
Goodman Fielder shares closed at 67 cents on the ASX.
Topics: business-economics-and-finance, industry, food-and-beverage, takeovers, australia, singapore, hong-kong
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