Singapore

SINGAPORE-based Wilmar International and First Pacific Company are a step closer to their joint takeover of Australian food company Goodman Fielder. Both companies announced yesterday that they are proceeding with due diligence after the Goodman board of directors recommended accepting the bid by their 50:50 joint venture.

Hong Kong-listed investment management firm First Pacific and Wilmar had made a non-binding all-cash offer in April to fully acquire Goodman at 65 Australian cents per share, valuing the shares at A$1.27 billion. Both companies raised the bid to 70 Australian cents on Thursday, valuing Goodman at A$1.37 billion (S$1.49 billion), which its board recommended for acceptance.