The move puts the Goodman board in a difficult position, because having agreed to accept a 71c a share bid the board knows if Wilmar walks away the stock price will slump to 40c a share.
Wilmar and First Pacific are attempting to negotiate a lower offer price for Goodman Fielder which has forced the target company into a trading halt.
It is understood the board has no plan to issue a profit downgrade but, as with Treasury Wine Estates, word of the offer would have increased retailer pressure on the company.
Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.
The bidders had agreed to pay 71c a share subject to due diligence but are now arguing, after looking at the books, the bid is too high and they want to stick to a lower price of below 70c a share.
Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.
Read more here: Business Spectator