Goodman Fielder board accepts increased offer

Wilmar International and First Pacific have increased their offer to acquire Goodman Fielder from $0.65 to $0.70 per share. In addition, Goodman Fielder will be allowed to pay a final dividend of $0.01 per share for the financial year ending 30 June 2014.

Goodman Fielder obtained a trading halt from ASX and NZX in order to give it time to consider the revised proposal. After due consideration, the Goodman Fielder board has decided to unanimously recommend that its shareholders vote in favour of the revised proposal of $0.70 per share, as long as no superior offers are made.

Goodman Fielder has also agreed to provide Wilmar and First Pacific with non-exclusive access to due diligence over a period of four weeks.

“Since the initial approach from Wilmar and First Pacific, the board has been focused on generating the best outcome which maximised value for our shareholders,” said Steve Gregg, Goodman Fielder chairman.

“In the absence of a superior proposal and subject to various other conditions, we believe this revised proposal is consistent with that objective.

“We believe this revised proposal also demonstrates the strength of our underlying business and brands but also the opportunity to leverage these assets to grow the business across the Asian region.”