Goodman Fielder chairman Steve Gregg said the offer of 67.5 cents a share from Singapore-based agribusiness Wilmar International and Hong Kong-based investment manager First Pacific Company was "an attractive value outcome from shareholders".
"I believe it also represents a positive outcome for our employees, our customers and our consumers," Gregg said in a statement.
"It provides an opportunity to further leverage our strong consumer food brands in Australia and New Zealand to grow our business across the Asian region."
The Australian firm's board previously accepted a takeover offer of 70 cents a share from First Pacific and Wilmar in mid-May, which valued the company at Aus$1.37 billion.
But after due diligence checks, the two Asian companies pushed for a lower price.
Goodman Fielder, which owns food brands including Helga's, MeadowLea and Wonder White, added in its announcement that it was expected to record a write-down of between Aus$300 million and Aus$400 million for the 2014 financial year.
The company said the non-cash impairments reflected the "challenging trading conditions and outlook in its core baking and grocery businesses".
Struggling Goodman Fielder earlier this year brought forward plans to cut 300 jobs in a bid to reduce Aus$25 million in costs.(AFP)
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