The Australian Competition and Consumer Commission has revealed that it is looking to outright reject GUD Holdings' proposed $267 Million hostile acquisition bid of arch rival Breville Group, the kitchen appliance supplier.

The decision has come after the regulator's rejection of Caltex Australia's attempted takeover of Exxon Mobil's gasoline filling stations, further proving that the regulator is taking a harsh stance against "perceived competitive threats in Australia's retail sector".

GUD Holdings' takeover bid has formally been rejected by the Breville Group, stating it was inadequate, unfair and unreasonable. The group has also been advising shareholders of Breville to strongly oppose the deal. The company feels that GUD is undervaluing it and can pay much more than what has been offered.

"The Breville board has carefully assessed GUD's offer and each director has decided to reject GUD's offer in relation to their own shares in Breville", Chairman John Schmoll said in a statement.