RFG: Interest in Brumby´s surpasses 90 percent

Southport / AU. (wib) Australian Retail Food Group Limited (RFG) manages under licence the Donut King and bb´s cafe brands throughout Australia and New Zealand. With headquarter in Queensland RFG now announces that the group´s interest in Brumby´s Bakeries Holdings Limited surpasses 90 percent. RFG says it has received 91,22 percent acceptances for its takeover of Brumby´s, crossing the 90 percent threshold needed to acquire the company with headquarter in Gardenvale (Victoria). RFG will now move to acquire the remaining shares in the bakery franchise. RFG made the first per share offer for Brumby´s in May, subsequently receiving the unanimous support of the Brumby´s board. RFG chief executive Tony Alford labelled the latest development a «milestone» for RFG and Brumby´s. «The response of Brumby´s shareholders to our offer has been extremely satisfying and represents a vote of confidence in the ability of RFG to positively and effectively apply to the Brumby´s franchise system, its proven expertise in the management and operation of franchise systems», Alford says. «Over time we are motivated to introduce significant enhancements to the Brumby´s system and its franchisees». Brumby´s 321 Australian and New Zealand stores will now join RFG´s portfolio of 288 Donut King and 71 bb´s cafe outlets.