WILMAR International and First Pacific have dropped its Goodman Fielder takeover bid by A$50 million following due diligence. Goodman Fielder’s board agreed to a takeover price of 70 cents per share in mid May, with the new price of 67.5 cents requiring 75% shareholder approval.
The revised bid values the manufacturer at A$1.32 billion and will be decided with a shareholder vote expected in November. Goodman Fielder chairman Steve Gregg says the takeover represents a positive outcome for its employees, customers and consumers.
“It provides an opportunity to further leverage our strong consumer food brands in Australia and New Zealand to grow our business across the Asian region," he says.

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