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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) SEPTEMBER 29, 2000
PENFORD CORPORATION
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
WASHINGTON
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
0-11488 91-1221360
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(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
777-108TH AVENUE N.E., SUITE 2390
BELLEVUE, WASHINGTON 98004-5193
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (425) 462-6000
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 2. ACQUISITION OF ASSETS
On September 29, 2000, the Registrant completed the acquisition of
Starch Australasia Limited ("Starch Australasia") from Goodman
Fielder Limited ("Goodman Fielder") for $54.5 million (USD) in
cash. The Registrant funded the purchase price through a credit
facility with a syndicate of banks. Prior to the consummation of
the transaction there was no material relationship between the
Registrant and Goodman Fielder, and the purchase price was
determined through arms-length negotiations between representatives
of both parties. The Registrant will use the purchase method to
account for this acquisition.
Starch Australasia is Australia's sole producer of maize starch
products and a world leader in the research, development, and
commercialization of novel new starch-based products. The
Registrant's acquisition of Starch Australasia includes three
manufacturing facilities, two in Australia and one in New Zealand,
for processing specialty corn starches and wheat-related products.
The Registrant plans to continue to use the facilities to process
specialty carbohydrate-based ingredient systems for food and
industrial applications.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(A) Financial Statements of Business Acquired
The required financial statements with respect to Starch
Australasia Limited are not available as of the date of this
Current Report on Form 8-K. In accordance with paragraph 4 of Item
7 (a) of Form 8-K, the financial statements will be filed by
amendment as soon as practicable and no later than December 12,
2000.
(C) Exhibits
99.1 Press release dated September 29, 2000
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SIGNATURES:
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
PENFORD CORPORATION
October 13, 2000 By /s/ Jeffrey T. Cook
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Date Jeffrey T. Cook
President and
Chief Executive Officer
