Takeover target Goodman Fielder Limited (ASX:GFF) has backed a sweetened takeover bid from its suitors. Singapore-based Wilmar International and Hong Kong’s First Pacific launched their original bid for the breads and spreads manufacturer last month.
After Goodman Fielder rejected the first offer of $0.65 per share its suitors lifted the price to $0.70 per share last week and again requested due diligence.
Goodman Fielder Chairman Steve Gregg says the revised proposal maximizes value for shareholders.
The company will now open its books to Wilmar and First Pacific and has granted non-exclusive access to due diligence over the next month.
Shares in Goodman Fielder fell 1.12 per cent on Friday to end the week at $0.67 ahead of accepting the offer.
Goodman Fielder reported a net loss of $61 million in the first half of the 2014 financial year.
