United Malt has avoided the fate of a lower bid from French suitor Malteries Soufflet despite the Australian-based supplier of a key ingredient in beer having posted disappointing earnings during due diligence.

The $5-a-share official bid from Malteries Soufflet, valuing the equity at almost $1.5 billion, matches an indicative price given in March when the foreign rival began combing the books of Sydney-based United Malt.