Cooks Foods buys pasta, vinegar units from Goodman Fielder

Tuesday 16th December 2008

Cooks Food Group Ltd., which listed its shares on the NZAX market in October, agreed to buy the Diamond Pasta and DYC vinegar businesses from Goodman Fielder for $12 million.

The company said investors holding more than 80% the stock support the deal, meaning a shareholder vote will be a formality.

Cooks will fund the acquisition through a mixture of debt and new equity, according to a statement from chairman Keith Jackson.

The stock last traded on Nov. 18 at 30 cents, giving the company a market value of $6.6 million.

(Businesswire.co.nz)

By Jonathan Underhill

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