Goodman Fielder Limited
(ASX:GFF) has rejected a $1.27 billion takeover proposal from 10 per cent shareholder, Singapore's Wilmar International Limited and Hong Kong's First Pacific Company Limited.
The breads and spread manufacturer has described the offer price of $0.65 per share as opportunistic and believes it undervalues the company.
Goodman Fielder says it met with its suitors over the weekend to communicate its position on the non-binding and highly conditional offer.
The company has affirmed its commitment to executing its strategic plan and advised it will continue to assess other opportunities to maximise shareholder value.
Shares in Goodman Fielder gained 4.76 per cent at the end of last week to close at $0.55 ahead of the announcement being released this morning.
Goodman Fielder reported a net loss of $61 million in the first half of the 2014 financial year.
