Patties clears final takeover hurdle
The group’s $232m takeover has been greenlit by the Supreme Court, and is set to become effective on Monday.
Patties Foods has unsurprisingly cleared the final hurdle to its $232 million sale to suitor Pacific Equity Partners.
The group informed investors this afternoon the scheme had received the approval of the Supreme Court of Victoria, ticking the final box for the deal after shareholders recently voted overwhelmingly in favour.
The takeover is expected to become legally effective on Monday, with its shares to be suspended ahead of a delisting.
New owner PEP has wide-ranging experience in consumer foods in Australia and New Zealand, having at some stage owned Peters Ice Cream, Manuka Health, V energy drinks, Pinnacle Bakery, Tegel and Griffin’s Foods.
The group will soon add the Patties-owned Four’N Twenty, Nanna’s and Herbert Adams to its portfolio.
NAB boss urges ‘massive cultural shift’, tells staff to step up
CEO Andrew Irvine has set a bold target for it to become the ‘most customer-centric company’ in Australia and New Zealand, as he lamented that improved momentum had not led to better customer advocacy.
AI in Australia: how it’s changing our jobs and what that means for you
As AI continues to reshape the workforce, the future will belong to those who adapt.