News: Goodman Fielde backs lower takeover offer

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Takeover target Goodman Fielder Limited’s (ASX:GFF) board have unanimously backed a takeover bid valuing the food manufacturer 2.5 cents less than the last offer.  

 

Singapore-based Wilmar International and Hong Kong’s First Pacific launched their original bid for the breads and spreads manufacturer in April. 

 

The first bid of $0.65 per share was rejected by Goodman, then sweetened to $0.70 per share by the suitors but now sits at $67.5 cents, allowing Goodman to pay a 1 cent dividend.  

 

The revised offer comes as Goodman today also revealed a non-cash impairment charge of between $300 million and $400 million which will be booked for fiscal 2014.

 

Goodman Fielder reported a net loss of $61 million in the first half of the 2014 financial year.