SYDNEY, Australia (AP) -- U.S. food company H.J. Heinz Co. has launched a 288 million Australian dollar ($216 million) takeover bid for Australian food producer Golden Circle Ltd., the companies said Monday.
Heinz has offered A$1.65 per share for Queensland-based Golden Circle, more than quadruple the company's Friday closing price of 40 cents on Australia's National Stock Exchange.
The takeover requires approval of at least 75 percent of Golden Circle shareholders, who are scheduled to vote on the bid at a Nov. 13 meeting. Both the Foreign Investment Review Board and the Supreme Court of Queensland must also approve the proposal.
Golden Circle manufactures more than 500 products, including canned fruit and vegetables, fruit juices, drinks and jams.