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Australia : Australia's Goodman agrees to US$1.3b Wilmar-backed takeover bid
Publish Date : 17-May-2014
Singapore edible oils giant Wilmar International and First Pacific Co are poised to buy Australian bread and dairy company Goodman Fielder for A$1.37 billion (US$1.28 billion) after the target backed a sweetened takeover bid on Friday.
In a statement late on Friday, Goodman chairman Steve Gregg said the company's board will unanimously recommend the offer in the absence of a better one.
Late on Thursday Wilmar - which already owns ten per cent of Goodman - and First Pacific, a Hong Kong investment firm, raised their offer from a A$1.27 billion bid rebuffed by Goodman last month. The pair said Goodman's top two shareholders agreed to sell down their stakes by 4.8 per cent.
The higher offer came with a condition that Goodman must agree to it within 24 hours. It also offered shareholders a dividend of A$0.01 per share.
