Goodman Fielder acquisition receives Foreign Investment Review Board approval
Food manufacturing company Goodman Fielder has announced that the Foreign Investment Review Board has notified Wilmar International Limited (Wilmar) and First Pacific Company Limited (First Pacific) that it has no objection to the proposal from Wilmar and First Pacific to acquire 100 per cent of Goodman Fielder via a Scheme of Arrangement.
On 2 July 2014, Goodman Fielder entered into a Scheme Implementation Deed (“SID”) under which Asian agribusiness company Wilmar and Hong Kong-based investment management and holding company First Pacific will, subject to certain conditions, acquire all of the remaining issued equity in Goodman Fielder, that they do not already own, by way of a scheme of arrangement for A$0.675 cash per share.
Goodman Fielder’s brands include Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Wonder White, Helga’s, Vogel’s (under license), Meadow Fresh and Irvines.
Goodman Fielder has advised that Wilmar and First Pacific are continuing to progress the other regulatory approvals required in connection with the Scheme as outlined in the Company’s ASX/NZX announcement of 8 September 2014.
Australian Food News reported in September 2014 that the acquisition deal was likely to take three months longer than first expected due to approval delays in China.
As previously announced to the market, a shareholder meeting to approve the Scheme is anticipated to be held in the first quarter of calendar 2015.
Goodman Fielder will continue to keep shareholders updated on any material developments.