Goodman Fielder is planning to sell its New Zealand dairy business, according to reports.
Last month, Radio New Zealand Business reported that the Trans-Tasman food giant was reviewing its dairy business in this country and aggressively looking for a joint-venture partner.
Now, the Australian Financial Review says the company plans to sell to protect itself from what its board considers is a lowball takeover attempt.
The newspaper says a copy of Goodman Fielder's sales flyer stated the dairy business had annual sales of about $NZ500 million and operating profit of $60 million.
Last month, Goodman Fielder received a takeover offer from its third biggest shareholder, Wilmar International, valuing the company at $A1.27 billion.
Investors were being offered 65 Australian cents per share by the Singapore agribusiness in conjunction with the Hong-Kong listed investment business, First Pacific Company.
But Goodman Fielder labelled the offer as opportunistic and said it materially undervalued the company.