Singapore-based agribusiness giant Wilmar International says it is considering selling its 10.1% stake in Goodman Fielder after the consumer foods manufacturer rejected its takeover advances.
Wilmar is not doing anything with the stake they have in Goodman Fielder and might consider letting it go if the price is right.
Wilmar’s chief executive, Robert Kuok, said Wilmar had planned to make a bid for Goodman “but our price was lower than what the board wanted”, The Australian Financial Review said.
“The price went further and they still wanted the same price, so we decided not to do anything about it,” Kuok told Bloomberg.
“We couldn’t agree on a takeover price with Goodman Fielder and so that’s why there’s no bid.”
Wilmar declined to disclose its offer price and said Goodman had not indicated what it considered reasonable.