In an announcement to the Australian Stock Exchange, Goodman Fielder has confirmed that it will pay an additional NZ$259.951m (US$183.108m) in its acquisition of New Zealand Dairy Foods Holdings after the group met revenue targets for the additional ‘earn out’ payment.

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Under the original acquisition, unveiled in 2005, the Australian baking and food ingredients group agreed to a base payment of NZ$609.64m. The earn out payment would be rewarded to Graeme Hart’s Rank Group, who owned NZDF, if the company posted an increase in annualised EBITDA of NZ$30.6m.


At the time of the initial acquisition agreement, Goodman Fielder was a wholly owned subsidiary of Burns Philip, another Hart company, which currently holds a 20% stake in Goodman Fielder after its December 2005 IPO. 


NZDF is New Zealand’s second largest milk and dairy producer.

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