A revised takeover proposal for trans-Tasman bread and milk giant Goodman Fielder has been approved by its board.
The bidders, palm-oil trader Wilmar International and investment company First Pacific, raised their offer from A65 cents (NZ70.5c) to A70c a share late last week.
The offer, which is subject to due diligence and shareholder approval, values Goodman Fielder at A$1.37 billion (NZ$1.48b).
In a statement, Goodman Fielder chairman Steve Gregg said the revised proposal from Wilmar and First Pacific maximised value for shareholders.
"Since the initial approach from Wilmar and First Pacific, the board has been focused on generating the best outcome which maximised value for our shareholders," he said.
"In the absence of a superior proposal and subject to various other conditions, we believe this revised proposal is consistent with that objective.
"We believe this revised proposal also demonstrates the strength of our underlying business and brands but also the opportunity to leverage these assets to grow the business across the Asian region."
Goodman Fielder is the No 2 dairy supplier in New Zealand and produces bakery brands such as Edmonds and McKenzie bread.