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April 21, 2005

UK: Geest acquisition approved at EGM

UK fresh produce and prepared food group Geest has announced that the proposed recommended acquisition of the group by Iceland’s Bakkavör has been passed at a court meeting and extraordinary general meeting held this week in Peterborough.

UK fresh produce and prepared food group Geest has announced that the proposed recommended acquisition of the group by Iceland’s Bakkavör has been passed at a court meeting and extraordinary general meeting held this week in Peterborough.

The two companies announced in early March that they had reached agreement on terms of the acquisition.

“Together we believe we have the strength to open up new opportunities in existing and new markets both in the UK and overseas,” Agust Gudmundsson, executive chairman of Bakkavor, said at the time. “We look forward to working with Geest.”

“We believe that Bakkavor’s proposal represents good value for our shareholders
and we are recommending it,” added Geest CEO Gareth Voyle. “The food retailing market has changed dramatically in the last two years and, whilst Geest is well positioned, there is no doubt that price competition will continue to dominate the day-to-day grocery trade.”

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