Golden circle shareholders tip heinz bid | National News

1st December 2008

GOLDEN Circle Ltd shareholders have overwhelmingly approved the food and beverage company's $288 million acquisition by US giant H.J. Heinz Company.

At a shareholder meeting in Brisbane on Monday, 97.05 per cent shareholders voted in favour of the Heinz proposal, where the US company would offer $1.65 cash for each Golden Circle share.

The Golden Circle board, along with the company's largest shareholder Anchorage Capital Partners, which holds 35 per cent of the group, had backed the Heinz offer.

"The support for the Heinz proposal by our shareholders is an important step in this process, which will help to secure Golden Circles' future and provide benefits for shareholders, growers and our employees," Golden Circle chairman Phillip Cave said in a statement.

Heinz managing director Peter Widdows said the company looked forward to growing the business and making the Golden Circle name stronger.

The takeover is subject to approval by the Supreme Court of Queensland, and will be implemented by December 30.

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