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Asian consortium lifts bid for Australian food manufacturer

Published on May 16, 2014 10:21 AM

SYDNEY (AFP) - Australian food manufacturer Goodman Fielder was considering a sweetened bid from an Asian consortium on Friday that values the company at A$1.37 billion (S$1.6 billion) after rejecting an earlier offer.

Goodman Fielder went into a trading halt on Thursday after Singapore-based agribusiness Wilmar International and Hong Kong-based investment manager First Pacific Company lifted their takeover offer from 65 cents a share to 70 cents.

"The company and First Pacific will not increase the price further in the absence of a competing proposal," Wilmar said in a statement.

The board of the Australian firm, which owns food brands including Helga's, MeadowLea and Wonder White, were given until close of business Friday to support the higher bid and open up Goodman Fielder's financial records for inspection.

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