Australia's Goodman Fielder turns down Wilmar's A$1.27b takeover offer

It says proposed deal is 'opportunistic'.

According to a release, Australia-based Goodman Fielder Limited has received a non-binding, highly conditional proposal to acquire all the issued equity in Goodman Fielder by way of a scheme of arrangement at a proposed price of A$0.65 per share (around A$1.27 billion).

The proposal was received over the weekend from Wilmar International Limited, a 10.1% shareholder of Goodman Fielder, jointly with First Pacific Company Limited, a Hong Kong-listed investment management company. 

However, its board said that the current proposal materially undervalues Goodman Fielder and is opportunistic. 

"The Board has advised Wilmar and First Pacific accordingly. The Board of Goodman Fielder remains focused on maximising shareholder value and will be constructive in relation to proposals which are consistent with this objective," it said.