Monday, April 28, 2014
Wilmar: Australian food company Goodman Fielder said that it had received and rejected a takeover offer proposal from Wilmar and Hong Kong’s First Pacific Company but said the offer undervalued the company. The proposed takeover was meant to be a 50:50 JV between Wilmar and First Pacific. Wilmar currently owns 10.1% stake in Goodman Fielder. Under the proposal, Goodman Fielder would receive a cash offer of A$0.65 per share of Goodman Fielder. Had the transaction proceeded, the aggregate consideration would have been A$1,271.1m. This offer, based on trading close at 23 Apr was – 1) A 23.8% premium of the closing price of that date at A$0.525 2) A 27.2% premium over Goodman Fielder’s weighted average share price since 2 April, of A$0.511 The proposed transaction was part of Wilmar’s plans to expand its footprint across Asia Pacific. Goodman Fielder manufactures and markets ingredients, consumer branded foods, beverage and related products.