It is highly unusual for a private equity firm to enter a takeover battle for a listed company. But last week ended with plenty of speculation Singaporean agribusiness Wilmar International could face competition in its $1.3 billion bid for Goodman Fielder .

Wilmar already owns 10.1 per cent of Goodman and launched a 65¢ a share bid – along with Hong Kong investment manager First Pacific – last Monday. Goodman described the offer as “undervalued" and “opportunistic", but indicated it would be willing to negotiate and appointed investment bank Credit Suisse as an adviser.