Goodman's Hearn plays to win

By Dita De Boni

David Hearn looks like a man who is playing the last game as though he's about to win the set.

The verbose CEO of Goodman Fielder squeezed in a visit to Auckland yesterday just before the offer to buy Christchurch-baker Ernest Adams expires at 5pm Thursday.

Goodman Fielder has now received the approval of holders of 87 per cent of Ernest Adams shares and is now down to a host of small holders who will determine the bid's success.

Mr Hearn would not comment on what Goodman's would do if it failed to achieve 90 per cent by tomorrow.

However, he said: "We definitely want to own the business."

If Goodman's is unsuccessful in passing the 90 per cent level where it can compulsorily acquire all the shares, the market expects it to roll-over the offer.

Although Goodman Fielder has not yet been inside an Ernest Adams plant and has not completed due diligence on the company's management and financial operations, Mr Hearn said Ernest Adams' costs structures and overheads would have to be brought under control and products more aggressively marketed and sold in Australia and Asia.