New Zealand ingredients maker Burns Philp has asked the Australian Takeovers Panel to intervene in a hostile takeover dispute with Australian food company Goodman Fielder.

Burns Philp said it did not have sufficient information to determine whether Goodman had breached any of the conditions of the offer after Goodman revealed two previously undisclosed potential liabilities earlier this month. The liabilities related to a potential tax charge and a penalty for early repayment of US debt.

Last week Goodman rejected Burns Philp’s A$2.4bn (US$1.4bn) hostile takeover offer, claiming the price undervalued the company.