One of Australia’s largest consumer food products companies, Goodman Fielder said that that it had refused a takeover bid by Hong Kong’s First Pacific Company and Singapore’s Wilmar International.

Singapore’s Wilmar International whose biggest shareholders are Archer Daniels Midland, the American agribusiness giant and Robert Kuok, a Malaysian billionaire, is one of Asia’s biggest agricultural commodities traders and producers.

Wilmar International already owns a 10 percent stake in Goodman Fielder. Goodman Fielder makes sauces, breads and packaged foods and is also listed on the New Zealand and the Australian exchanges. Wilmar International had teamed up with an investment company, First Pacific which is owned by an Indonesian billionaire, Anthoni Salim in a bid for Goodman Fielder that valued the company at $1.2 billion or 1.27 billion Australian dollars.

Two years ago, Wilmar had considered a bid for Goodman Fielder when it made its initial investment in the Australian company. However, Wilmar International and Goodman Fielder were unable to agree on a price.

The board of director of Goodman Fielder rejected the latest bid by First Pacific and Wilmar International as too low. In a statement issued by Goodman Fielder, the Australian company commented that the current proposal by First Pacific and Wilmar International significantly undervalues the company and is opportunistic in nature.

First Pacific and Wilmar International had made an offer of 65 Australian cents per share of Goodman Fielder, representing a premium of 18 percent to where the Goodman Fielder’s stock had closed before the bid was made.

In recent weeks, shares of Goodman Fielder slumped after its announcement on April that business conditions had deteriorated since February and that its results for the financial year which ends on June 30 were likely to be between 10 and 15 percent lower than what the analysts had been expecting.