Goodman Fielder Limited (ASX:GFF) has received an increased offer price of $0.70 per share from Wilmar International and First Pacific.
The food manufacturer and distributor had previously rejected a bid of $0.65 per share and the latest offer values the company at $1.73 billion.
The company has until 8pm this evening to consider the offer which also allows the company to pay a dividend of $0.01 for the end of the 2014 financial year.
Goodman Fielder reported a net loss of $61 million in the first half of the 2014 financial year.
