Goodman suitors eye due-diligence

SHRUGGING off a snub by Australia's largest baking firm, Goodman Fielder, Wilmar International and Hong Hong-listed First Pacific - an indirect shareholder of Indofood Agri Resources - said that they will continue to engage the former's board to enter into a due-diligence process.

A pickup in Goodman Fielder's share price and the stated preference by its largest shareholder that the firm continue talks with its suitors were further indications that the deal might not be over yet.

On Sunday, Wilmar and First Pacific made a conditional cash offer through a 50:50 joint venture to buy all the shares of Goodman Fielder at 65 Australian cents a share - a premium of 23.8 per cent over the firm's closing price of 52.5 Australian cents on Wednesday - in an offer that values the firm at A$1.3 billion (S$1.5 billion).