Shareholders of Australian food group Goodman Fielder on Thursday voted overwhelmingly in support of an Aus$1.34 billion (USD1.05 bn) takeover bid by an Asian consortium, the company said.
Some 99.61 percent of votes cast by 80.24 percent of shareholders were in favour of the deal with Singapore-based agribusiness Wilmar International and Hong Kong investment manager First Pacific Company.
"While in one respect it will be sad to see the company change from public shareholding to private ownership, I also think it is important to recognise the significant opportunity that can come from this change," Goodman Fielder`s chairman Steve Gregg said.
"Wilmar`s scale and distribution networks, together with First Pacific`s experience and both parties` financial resources, will provide meaningful scale to Goodman Fielder`s existing operations and allow the company to grow its presence further in the Asia Pacific region."
The offer of 67.5 cents a share -- first announced in July -- has already been approved by the Chinese Ministry of Commerce`s anti-monopoly bureau, Australia`s foreign investment watchdog and the Australian Competition and Consumer Commission.
The firm, listed in Australia and New Zealand, is waiting to get the green light from New Zealand`s Overseas Investment Office.
A Federal Court of Australia hearing to approve the bid will take place on March 2, with Goodman Fielder expected to stop trading in Australia and New Zealand the following day, the food manufacturer said in a statement.
The group`s leading brands include Helga`s and Wonder White bread and MeadowLea margarine, and earlier this month it reported a net profit of Aus$28.6 million in the six months to December 31, an improvement on the loss of Aus$64.8 million in the previous corresponding period.
