Ann: Sale of Cereal and Snacks Assets to the Arnott's Group, page-2

RIP Freedom Foods?
Rebranding is on the way says Freedom In the notice above, after quitting the flagship ship cereal/snack brands to Arnotts for $20M - ie the value of the assets .
And the outcome will be $11M to put towards keeping whatever it will be called next going.
Choice was on the money in more ways than it knew when it gave a Freedom cereal one of its widely watched Shonky awards in 2019 [ref].

ELI GREENBLAT17 MINUTES AGO | 10.18AM​

Freedom sells cereals, snacks to Arnott’s​

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The embattled Freedom Foods Group has announced the sale of its cereal and snacks operations to The Arnott’s Group.​

The sale, flagged by The Australian’s DataRoom, comes after the diversified foods business last month announced almost $600m in writedowns and impairments.​

It said then was reviewing all strategic options for the cereal and snacks business – the market-leading producer of allergen-free and healthy breakfast cereals and snacks.​

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“While actively pursuing a ‘fix and retain’ strategy, the group has also been exploring a potential divestment,” the company said in an ASX statement on Thursday.​

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Freedom Foods has now agreed with The Arnott’s Group for the sale of certain assets and liabilities of the cereal and snacks business for $20 million in cash. Net cash proceeds are estimated at $11 million after deducting costs associated with the transaction and associated equipment leases.​

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Net assets of approximately of $20 million are included in the sale.​

The sale includes the cereal and snacks manufacturing facilities in Leeton and Darlington Point in NSW and in Dandenong in Victoria, as well as all brands associated with the business, including Freedom Foods, Messy Monkeys, Heritage Mill and Arnold’s Farm.​

The sale does not include the Crankt Protein brand, which will remain a valuable part of the Freedom Foods product portfolio. The majority of cereal and snacks employees will transfer to the new owners, although there are likely to be some redundancies, which will be managed by Freedom Foods Group.​