Goodman Fielder directors are supportive of a revised deal
which will see Wilmar International and First Pacific Company
pay A70c for the food manufacturing company, A5c a share
above the initial offer.
The deal, if completed, is worth $A1.37 billion ($NZ1.48
As part of the agreement, Goodman Fielder will be able to pay
a final A1c dividend for the year ending June 30, subject to
The conditions are: the parties entering into a scheme
implementation agreement containing terms acceptable to all
parties; an independent expert concluding the revised
proposal is in the best interests of Goodman shareholders;
and no superior proposal emerging.
Goodman has also agreed to provide Wilmar and First Pacific
with non-exclusive access to due diligence over a short and
focused period of about four weeks. Details are yet to be
Goodman chairman Steve Gregg said in a statement the revised
proposal gave maximum value to shareholders.
''Since the initial approach, the board has been focused on
generating the best outcome which maximised value for our
shareholders. In the absence of a superior proposal, and
subject to various other conditions, we believe this revised
proposal is consistent with that objective.''
The revised proposal also demonstrated the strength of the
company's underlying business and brands but also the
opportunity to leverage those assets to grow the business
across Asia, he said.
Australian analysts said, with the stock opening at A69c,
there was little room for investors to profit now unless they
believed a competing bid for the company would emerge. Given
the share price has been underperforming for years, other
interested parties have had plenty of opportunities already
to step up and make a play for Goodman Fielder.
It was time for investors to move on from Goodman Fielder as
better and more profitable opportunities were available, the
Goodman Fielder brands in New Zealand include: Vogel's
Quality Bakers, Edmonds, Chesdale, Meadowlea and Puhoi