Wilmar International, a Singaporean agribusiness company, in partnership with First Pacific has raised its acquisition offer to A$1.4bn ($1.3bn) for food company Goodman Fielder, after the company refused their previous deal.
Earlier in April 2014, Goodman had downplayed an A$1.27bn ($1.18bn) takeover offer made by Wilmar International along with First Pacific, joint owners of 10.1% stake in the Goodman. It stated that the offer materially undervalued the company.
Increasing the offer by 7.7%, the Wilmar issued a statement saying the company and First Pacific would not raise the price further, according to Bloomberg.
In a regulatory statement, Goodman Fielder said: "The board of Goodman Fielder will consider its response to this revised proposal and will advise the market accordingly."
The current developments seem to recreate the Wilmar's 2012 proposal for Goodman while making its initial investment in the company that eventually fell apart due to failure in settling on an agreeable price.
