Ann: Response to Non-Binding, Conditional Proposa, page-5

re: Ann: Response to Non-Binding, Conditional... Unfortunately, acceptance of the bid by the Board says a lot about their thoughts on the future potential of this company.

I'd be looking for Wilmar, if successful, to eventually divest the Baking division and possibly the Grocery division and retain Dairy. My gut feel was that they wouldn't bid too high, as selling Baking wont be an easy task, so cover their risk with a lower bid.

The other option GFF had was to sell the Dairy division, which could have extinguished most of the company's debt, then retain Baking and Grocery. By not doing that says a lot about their thoughts on the future of their Baking and Grocery divisions.

Some would say that the CEO who was imported from the US around three years ago hasn't added any value to GFF at all.
Sold off most of the business divisions and still had over $500 million debt.

Yet another manufacturing company failing due to high costs and maybe management decisions that could have been executed better.