Update on GUD takeover bid for Breville

According to Breville chairman John Schmoll, it’s not surprising that there is interest in acquiring the company, but emphasised that they are still considering the offer presented by GUD Holdings.

As reported previously on Current.com.au, on 9 October 2009, GUD announced an unsolicited offer to acquire all of the shares it does not already own in Breville.

At the Breville annual general meeting this morning, Schmoll discussed the recent takeover and how it reflects positively on the company.

“Indeed, given the strategic value of our product portfolio, of our research and development capability and of our international footprint, we are not surprised that there is again interest in acquiring the company,” he said.

But Schmoll highlighted that the offer is still be considered and advised shareholders to take no action.

“Since GUD announced its offer, your board has been carefully considering the offer. To that end, we have commissioned an independent expert to consider the offer,” he said.

“Once we have received that report, your board will take the expert’s views into account and will be in a position to issue its target’s statement.”

“The target’s statement will contain detailed information on the offer and issues which the board considers relevant. It will also contain the independent expert’s report.”

It was also highlighted that the directors’ earnings expectations for FY10 will also be released at this time.

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