Goodman Fielder rejects takeover bid

Food manufacturer spurns offer from shareholder Wilmar International and HK-listed First Pacific.

Australia's largest listed food manufacturer Goodman Fielder (GFF) has rejected a takeover offer from shareholder Wilmar International, jointly with Hong Kong-listed First Pacific Company, saying the 65c per share bid materially undervalues the target.

Goodman Fielder said its board believes the proposal is opportunistic and will continue to assess other opportunities to boost shareholder value.

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