Wilmar International and First Pacific have given Goodman Fielder's board until 8 p.m. AEST tonight to agree to their new $1.4 billion takeover offer of 70 cents a share, up from last month’s 65 cents a share offer.
The pair plan to increase their combined stake in Goodman Fielder to 19.9 per cent. Fund managers Perpetual and Ellerston Capital have separately agreed to sell the equivalent of 9.8 per cent of Goodman Fielder’s shares to First Pacific and Wilmar at 70 cents a share.
That agreement is conditional on Goodman Fielder’s board accepting the new takeover offer, according to an email sent to Data Room by Wilmar and First Pacific’s spokesman in Australia.
"The board of Goodman Fielder will consider its response to this revised proposal and will advise the market accordingly," Goodman Fielder said on Friday.
First Pacific and Wilmar, which currently has a 10.1 per cent stake in Goodman FIelder, value the takeover offer at $1.37bn. Shares in the food and beverage company last traded at 67.25 cents before entering a trading halt, according to Bloomberg data.
“The revised proposal is subject to, amongst other conditions, the board of Goodman Fielder supporting the revised proposal by no later than 8 p.m. Melbourne time by agreeing to provide Wilmar and First Pacific with access to due diligence and announcing that it will unanimously recommend that Goodman Fielder shareholders vote in favour of the revised proposal, “ Wilmar and First Pacific said in a statement emailed to Data Room.
Goodman Fielder, Wilmar and First Pacific only began to talk to each other yesterday. The prospective bidders and advisers have bemoaned the lack of engagement from Goodman Fielder and its advisers, Credit Suisse and Herbert Smith Freehills.
Wilmar, an agribusiness company headquartered in Singapore and First Pacific is a Hong Kong based investment company. The two prospective acquirers are being advised by UBS and Bank of America Merrill Lynch.
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