Heinz Bids on Australian Food Company
U.S. food company H.J. Heinz Co. launches a 288 million Australian dollar ($216 million) takeover bid for Australian food producer Golden Circle Ltd. Golden Circle manufactures more than 500 products, including canned fruit and vegetables, fruit juices, drinks and jams.
Heinz Managing Director Peter Widdows says, "Like Heinz, Golden Circle holds a longstanding Australian heritage of providing high quality, affordable food and beverages to Australian families. We look forward to continuing this heritage and growing the Golden Circle business."
The takeover requires approval of at least 75 percent of Golden Circle shareholders, who are scheduled to vote on the bid at a Nov. 13 meeting. Both the Foreign Investment Review Board and the Supreme Court of Queensland must also approve the proposal.
Golden Circle Chairman Phillip Cave says, "The Board of Golden Circle believes that the Heinz Proposal represents a compelling value proposition and is in the best interests of Golden Circle Shareholders. In the absence of a Superior Proposal, the Board of Golden Circle unanimously recommends that Golden Circle Shareholders vote in favor of the Heinz Proposal at the Scheme Meeting."
Heinz Managing Director Peter Widdows says, "Like Heinz, Golden Circle holds a longstanding Australian heritage of providing high quality, affordable food and beverages to Australian families. We look forward to continuing this heritage and growing the Golden Circle business."
The takeover requires approval of at least 75 percent of Golden Circle shareholders, who are scheduled to vote on the bid at a Nov. 13 meeting. Both the Foreign Investment Review Board and the Supreme Court of Queensland must also approve the proposal.
Golden Circle Chairman Phillip Cave says, "The Board of Golden Circle believes that the Heinz Proposal represents a compelling value proposition and is in the best interests of Golden Circle Shareholders. In the absence of a Superior Proposal, the Board of Golden Circle unanimously recommends that Golden Circle Shareholders vote in favor of the Heinz Proposal at the Scheme Meeting."