Shareholders have voted in favour of the $1.3 billion takeover offer of publicly listed food company Goodman Fielder by Asian companies Wilmar International and First Pacific.
A Federal Court hearing today is expected to approve the takeover, with Goodman Fielder shares expected to stop trading tomorrow.
More than 80 per cent of shareholders cast their votes and of those, more than 99 per cent were in favour of the takeover.
The company's chairman Steve Greg said while it would be sad to see the company change from public shareholding to private ownership, it was important to recognise the significant opportunity that could come from the change.
“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.”
“We've consulted widely with our people through this transaction process, and they are excited about the future prospects that this change of ownership can bring for Goodman Fielder.”
Goodman Fielder's brands include Helga's and Wonder White bread, and MeadowLea margarine and Praise mayonnaise.
