Wilmar

Wilmar: Following a revised bid of A$0.70 per Goodman Fielder’s (Goodman) share, Goodman’s Board unanimously recommends that Goodman’s shareholders vote in favor of the revised proposal. The sweetened deal came after Wilmar and First Pacific’s bid for Goodman for $A0.65 per share was rejected, with the latter describing the deal as opportunistic, given it had just issued a profit warning early last month. The bid valuations for Goodman isn’t expensive, pricing Goodman at 8x EV/EBITDA vs 9.9x, based on the 40 baking and dairy takeovers globally over the past 5 years. Goodman Fielder owns famous brands such as Meadow Lea margarine, Praise mayonnaise and Wonder White breads.