You are hereThe Warehouse Buyout
The Warehouse Buyout
The Warehouse is subject to competing takeover bids from supermarket giants Foodstuffs and Woolworths Australia (who owns Progressive and it's Countdown, Foodtown and Woolworths supermarkets chains in New Zealand.) Each company already owns 10% of The Warehouse Group's shares. The Commerce Commission opposes both proposed acquisitions on the grounds Warehouse Extra could provide greater competition to New Zealand’s supermarket duopoly. Foodstuffs and Woolworths have until the 20th of August to appeal a recent court decision stopping the buyout by either company.
The National Distribution Union has collective agreements with both companies and having an NDU union agreement at The Warehouse Group will put workers at each company in a stronger bargaining position to protect and improve on our current wages and conditions.
Buyout timeline
• 14 September 2006: The Warehouse founder Stephen Tindall reveals plans to privatise the company, offering $5.75 a share in partnership with Pacific Equity Partners.
• September 2006: Woolworths buys a 10.1 per cent stake at $6.50 a share.
• December 2006: Foodstuffs - already a 10 per cent owner - declared its intention to bid for The Warehouse. Foodstuffs and Woolworths apply for Commerce Commission approval to proceed.
• June 2007: Commission declines the applications.
• October 2007: An appeal against that decision is heard in the Wellington High Court.
• 30 November 2007: The High Court overturns the commission's decision.
• 31 January 2008: High court grants commission’s application for leave to appeal the decision.
• April 2008: The Appeal Court hears the commission's appeal.
• 2 May 2008: Woolworths and Foodstuffs agree to a moratorium on bidding until 48 hours after the Court of Appeal issues its judgment.
• 30 July 2008: The Court of Appeal overturns the High Court decision, preventing Woolworths or Foodstuffs from launching takeover bids.
• 20 August 2008: Date that Foodstuffs and Woolworths have appeal the decision.
Original source: NZ Herald
More Information:
● Who is Foodstuffs?
● Who is Progressive?
Latest news
| 10/09/2008 - 20:03 | DOMINION POST: Warehouse Group now up for grabs |
| 09/13/2008 - 12:19 | Investors sniff bargain despite Warehouse result |
| 08/28/2008 - 00:13 | Foodstuffs walks away from The Warehouse… for now |
| 08/23/2008 - 07:59 | Woolworths applies to lodge appeal |
| 08/16/2008 - 11:08 | NZ Herald: Woolies to appeal Red Sheds decision |
| 08/01/2008 - 20:00 | NZ HERALD: Timing looks about right for Tindall to get his bargain |
| 08/01/2008 - 20:00 | NZPA: Warehouse privatisation plan may be rekindled |
| 08/01/2008 - 10:41 | 'Fair prospect' Foodstuffs and Woolworths could appeal latest takeover verdict |
| 07/31/2008 - 20:00 | TVNZ: Warehouse takeover bid blocked |
| 07/31/2008 - 20:00 | Warehouse Decision Is Pro-New Zealand |
