Golden Circle Ltd shareholders have overwhelmingly approved the food and beverage company’s AUS$288m acquisition by US giant HJ Heinz Company.
At a shareholder meeting in Brisbane on Monday, 97.05% of shareholders voted in favour of the Heinz proposal, where the US company would offer AUS$1.65 cash for each Golden Circle share.
The Golden Circle board, along with the company’s largest shareholder Anchorage Capital Partners, which holds 35% of the group, had backed the Heinz offer.
“The support for the Heinz proposal by our shareholders is an important step in this process, which will help to secure Golden Circles’ future and provide benefits for shareholders, growers and our employees,” said Golden Circle Chairman Phillip Cave.
In a statement, Heinz MD Peter Widdows said the company looked forward to growing the business and making the Golden Circle name stronger.
The takeover is subject to approval by the Supreme Court of Queensland, and will be implemented by 30 December 2008.
[Source: The Age]
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