FIRB supports Burns Philp

- Last updated on GMT

Related tags: Goodman fielder, Takeover, Burns philp

It would appear that the bid from Australian ingredients and yeast
company Burns, Philp & Co for Goodman Fielder is far from over
with the company saying on Wednesday that it had received approval
from the Foreign Investment Review Board to proceed with an
on-market share purchase of 19.9 per cent of Australia's largest
food company.

It would appear that the bid from Australian ingredients and yeast company Burns, Philp & Co for Goodman Fielder is far from over with the company saying on Wednesday that it had received approval from the Foreign Investment Review Board (FIRB) to proceed with an on-market share purchase of 19.9 per cent of Australia's largest food company.

Burns Philp said that the FIRB was still considering its $2.2 billion (€2.1bn) offer for 100 per cent of Goodman Fielder.

Burns Philp added that it would not exercise any rights, including voting rights, above a 14.99 per cent interest in Goodman Fielder until such time as it gained complete control of the company or FIRB agreement for this condition to be waived.

The ingredients company - facing strong opposition from the Goodman Fielder board - has also extended the deadline for its hostile bid as it awaited intervention from the Takeovers Panel.

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