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National Foods persists with SPC Ardmona offer
5 Nov 2004
National Foods chief executive Peter Margin said the unsolicited bid for the company from New Zealand dairy group Fonterra bid would speed up talks between National Foods and cannery SPC Ardmona to create an alternative for shareholders. Margin said that any offer for SPC would have to be earnings accretive within two years. "We obviously need to accelerate (SPC merger talks) to ensure shareholders are in a position to make an appropriate judgement," he said. National Foods chair Barry Capp said the offer from Fonterra took no account of the strategic value of NatFoods or the cost savings Fonterra would extract if the bid was successful. Margin later said these would be at least $40 million.
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