Goodman Fielder receives takeover bid
Goodman Fielder has received a takeover offer from First Pacific Company and Wilmar International for $0.65 per share, valuing the shares at $1.27 billion.
Goodman Fielder believes the offer “undervalues” the company and is “opportunistic” and has advised the two companies accordingly. However, First Pacific and Wilmar have called the offer “compelling”, saying it offers a premium of 27% above the value of Goodman Fielder’s shares since its profit downgrade announcement.
The proposed offer is conditional on due diligence, unanimous recommendation by the board of Goodman Fielder and approval by the boards of Wilmar and First Pacific. Wilmar and First Pacific have requested exclusivity in relation to the proposal.
Wilmar International currently holds a 10.1% stake in Goodman Fielder.
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