GOODMAN Fielder’s board has recommended a A$1.37b takeover proposal from Wilmar International and First Pacific, subject to due diligence and shareholder approval. The board backed the takeover bid at 70 cents per share plus a one cent dividend, up from the previously rejected offer of 60 Australian cents per share.

“Since the initial approach from Wilmar and First Pacific, the Board has been focused on generating the best outcome which maximised value for our shareholders. We believe this revised proposal also demonstrates the strength of our underlying business and brands but also the opportunity to leverage these assets to grow the business across the Asian region,” says Goodman Fielder chairman Steve Gregg.

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