Australian food group Goodman Fielder, which makes Helga’s bread and White Wings pancake mixes, is being bought by a Hong-Kong-based First Pacific and Singapore’s Wilmar International in a $1.3 billion deal.
The Board of Goodman Fielder has unanimously recommended shareholders accept a 67.5 cents a share offer.
Steve Gregg, Chairman of Goodman Fielder, said: “In reaching our conclusion to unanimously recommend that shareholders vote in favour of the Scheme, the Board concluded that the proposal represented an attractive value outcome for shareholders.”
“I believe it also represents a positive outcome for our employees, our customers and our consumers. It provides an opportunity to further leverage our strong consumer food brands in Australia and New Zealand to grow our business across the Asian region.”
The company’s brands include Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Helga’s, Wonder White, Vogel’s (under licence) and Meadow Fresh.
Goodman Fielder traces its origins back more than 100 years to a flour mill in Tamworth, NSW. It has been the subject of takeover speculation in the market for years.
Its shares were last traded at 68 cents.