Goodman Fielder's board recommends acceptance of US$1.39B takeover offer by Wilmar International and First Pacific; buyers signal that they will not split up business

Nevin Barich

May 18, 2014 (The Australian) – The board of Australian-listed food manufacturer Goodman Fielder has recommended acceptance of a $A1.39bn takeover via a scheme of arrangement by Singapore's Wilmar International and Hong Kong-based First Pacific. The suitors have signalled they will not split up the business, but invest in a strategy to expand it into the Asian region. Goodman's main institutional investors, Perpetual and Ellerston Capital, have agreed to sell 4.8% each of their respective 12% holdings into the offer, at $A0.70 a share. It is not believed that the acquisition will be blocked by the Australian Foreign Investment Review Board

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