Australia's largest food company, Goodman Fielder, looks set to throw in the towel and accept a hostile takeover bid from compatriot yeast and ingredients group Burns Philp, although Goodman believes the bid undervalues it. Burns Philp has been trying to buy Goodman for many months, and has offered some A$2bn (US$1.2bn) to do so. However, Goodman has been holding out for a better offer, and had recently engaged in talks with other domestic and international parties.