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| Subject: Burns Philp & CoThe previous deadline was February 18. | |
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Author: for the second time to March 5has received ACCC approval |
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Date Posted: 08:07:44 02/05/03 Wed Burns Philp extends Goodman offer, ACCC oks deal 5-February-2003 Ingredients group Burns Philp & Co (BPC) has extended its $1.85 per share takeover offer for food giant Goodman Fielder (GMF) for the second time to March 5 to provide “adequate time” for the New Zealand Commerce Commission to consider the bid. The previous deadline was February 18. The move comes after news that Burns Philp has made a second application to the Takeovers Panel in relation its bid, seeking a declaration of unacceptable circumstances, interim orders and final orders in relation to Goodman Fielder, its target statement and related matters. Burns Philp previously revealed that it had made an application to the Takeovers Panel saying it did not have sufficient information to determine whether matters announced by Goodman Fielder a fortnight ago triggered any of the conditions of the offer and, were they to have been triggered, whether it would rely upon those breaches. The matters alluded to by Burns Philp relate to a possible $392 million charge incurred as a result of the company closing out existing US debt arrangements early if the bid is successful and news that the Australian Tax Office is pursuing a $101.6 million tax claim against the company. Meantime, Burns Philp, controlled by New Zealand entrepreneur Graeme Hart and capitalised at a quarter of the size of Goodman, said that it has received ACCC approval for the proposed acquisition. The Hart-Scott-Rodino (USA) condition has also been satisfied and a condition relating to a flour supply contract also has been satisfied. At 1551 AEST Burns Philp was 0.5c lower to 48.5c and Goodman was 1c higher to $1.74 [ Next Thread | Previous Thread | Next Message | Previous Message ] |