Goodman Fielder Spurns $1.2 Billion Wilmar-First Pacific Bid

Goodman Fielder Ltd., Australia and New Zealand’s largest baker, rejected a A$1.3 billion ($1.2 billion) offer from Wilmar International Ltd. and First Pacific Co., saying it “materially undervalues” the company.

The conditional proposal of 65 cents a share, 18 percent more than Goodman Fielder’s previous closing price in Sydney, comes almost two years after an approach from Wilmar failed to result in a deal. Perpetual Ltd., the Sydney-based company’s largest shareholder, said it should engage with its suitors this time.