Goodman makes its move
Goodman Fielder Wattie last evening formally announced its SNZ3.2 billion offer for the 70.8 per cent of Ranks Hovis McDougall which it does not already own. The cash offer of 465 p a Ranks Hovis McDougall share values the company at about SNZ4.4B.
Financing of the bid and restructuring the existing debt will be achieved through: © A seven-year term multicurrency loan facility of up to SNZS.3B to be provided by a group of international banks. © A £IOOM Euroconvertible note issue (SNZ2SBM equivalent) which Warburgs, Samuel Montagu and Paribas have agreed to underwrite. ® An underwritten one-for-5 rights issue at Austlsoc a share, a discount of 43 per cent on the current market price, to raise sAust297M (SNZ363M). The amount to be raised represents less than 11 per cent of the current market capitalisation of Goodman
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Press, 21 July 1988, Page 23
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138Goodman makes its move Press, 21 July 1988, Page 23
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