Goodman Fielder's third largest shareholder has raised its takeover offer to $A1.37 billion and says it won't increase it further unless a competing bid emerges.
Goodman had dismissed Singapore-based agribusiness Wilmar International's previous $A1.27 billion offer as opportunistic and said that it materially undervalued the company.
The trans-Tasman food giant, whose brands include Meadowlea, Praise, Vogels and Edmonds, has asked for trading in its shares to be suspended while it considers the revised offer.
Wilmar, which is bidding in partnership with Hong-Kong-listed investment business First Pacific Company, said the bid was conditional on Goodman's board agreeing by 8pm on Friday, Melbourne time, to unanimously support the offer and to provide Wilmar with access to do due diligence.
Wilmar wants to use a scheme of arrangement, which needs approval from at least 75 percent of shareholders and, under Australian rules, they must number at least half the shareholders.
That's an easier way to acquire a listed company than a normal takeover, which needs 90 percent of shareholders to accept.
