Published: 13 May 2005
Metcash Trading Ltd extended its takeover for Foodland Associated Ltd by a week today and said constructive discussions with Foodland in the past week should lead to agreement in principle on a new structure.
The offer has been extended to Saturday 28 May. Metcash’s bid involves splitting the Progressive Enterprises Ltd supermarkets business in New Zealand off to a separately listed entity.
Metcash chief executive Andrew Reiger said the discussions with Foodland “have focussed on progressing Metcash’s current offer as well as considering other structural alternatives. Metcash anticipates these discussions will lead to agreement in principle over the coming week.”
4 May 2005: Metcash lifts FAL scrip offer by 31%
14 February 2005: Metcash starts reorganisation process
24 January 2005: Metcash puts $NZ2.17 billion midpoint enterprise value on FAL NZ
6 December 2004: Metcash proposes Foodland breakup with ASX listing for NZ business