Goodman Fielder (GFF) shares have been placed in a trading halt, pending the release of an announcement about a potential change of control transaction the company is considering.
The Australian Financial Review reported that Singapore oils trader Wilmar International and Hong Kong investment company First Pacific have offered to lift their 65¢-a-share takeover offer for major food producer Goodman Fielder by 5¢, to 70¢.
The offer is conditional on key shareholders agreeing to sell part of their stakes and the Goodman board backing the new offer, the report said.
The food manufacturer's shares will remain in a halt until the start of normal trade on May 19 or when the announcement is released, whichever is earlier.
Goodman Fielder last month rejected a $1.27 billion offer from shareholder Wilmar and First Pacific Company, sending its share price soaring.
It is understood that major shareholders Perpetual Investments and Ellerston Capital have both agreed to back the new offer, which is conditional on them selling 5% of their 12% stakes, the AFR said.
Last week, Wilmar and First Pacific threatened to withdraw their offer if Goodman Fielder sold its New Zealand dairy business.