Australian food manufacturer Goodman Fielder on Wednesday accepted a reduced Aus$1.34 billion (US$1.27 billion) offer from an Asian consortium as it prepares to write off up to Aus$400 million in "challenging conditions".

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.