Heinz’s takeover of Golden Circle approved
02 Dec 2008
The shareholders of food and beverage company Golden Circle have overwhelmingly approved the acquisition of their company by US giant H J Heinz Company for $288 million.
Around 97.05 per cent of shareholders voted in favour of the Heinz offer of $1.65 cash for each Golden Circle share, at a shareholder meeting in Brisbane. The company's board, along with its largest shareholder, Anchorage Capital Partners which holds 35 per cent of the group, had backed the Heinz offer.
Golden Circle chairman Phillip Cave said, "The support for the Heinz proposal by our shareholders is an important step in this process, which will help to secure Golden Circle's future and provide benefits for shareholders, growers and our employees."
The takeover is subject to approval by the Supreme Court of Queensland, and is expected to be in place by 30 December.
Golden Circle's shares would be suspended from the National Stock Exchange on the close of trading on Tuesday next week, subject to the court approving the scheme.