CAMDEN, N.J., Jul 30, 2002 (BUSINESS WIRE) — Campbell Soup Company (NYSE –
CPB) today announced that its Australian subsidiary, Arnott’s Biscuits Holdings
Pty Ltd, has received acceptances for more than 90 percent of the shares of
Snack Foods Limited, a leader in the Australian salty snack category. Campbell,
which already has received regulatory approval in Australia for this
acquisition, declared the offer to be unconditional. Under Australian corporate
law, once a company acquires 90 percent of a public company, it is entitled to
acquire the remaining outstanding shares regardless of whether they are tendered
into the offer.
Campbell announced its intent to acquire Snack Foods Limited on June 4, 2002,
when it offered $2.00 per share (Australian). Total consideration for the shares
is approximately $255 million (Australian), or approximately $145 million
(U.S.). Shareholders also received a dividend of 2.5 cents (Australian) per
share from Snack Foods Limited.
Snack Foods Limited had approximately $125 million (U.S.) in sales in 2001, and
over the past two years its sales have grown an average of 8% annually.
Arnott’s, the biscuit market leader in Australia, entered the salty snack
category in 1996 with the acquisition of the “Kettle Chip” brand. With the
addition of Snack Foods Limited’s brands in the potato chip, corn chip and other
snack segments of the salty snack market, Arnott’s will be the number two
producer in the Australian salty snack market, which has been growing at an
annual rate of 7.5% over the past three years.
“We’re pleased that this acquisition has moved ahead in an expeditious manner,”
said Douglas R. Conant, Campbell’s President and Chief Executive Officer. “The
strong brands we have acquired will complement our current Arnott’s franchise
and position its portfolio for additional growth,”
About Campbell Soup Company
CONTACT: Campbell Soup Company, Camden
John Faulkner (Media)
Leonard F. Griehs (Analysts)
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