Melbourne / AU. (pfl) In response to media speculation, the Board of Australia’s Patties Foods Limited notes that it has received a non-binding, conditional and incomplete proposal from Pacific Equity Partners (PEP) for the acquisition of 100 percent of the shares in Patties via scheme of arrangement for total payments of 1.65 AUD cash per Patties share, including any dividends paid after the proposal date, with a possible unquoted equity alternative. After careful assessment, the Board of Patties determined that engaging further with PEP is in the best interests of shareholders. Patties is currently in advanced discussions with PEP. Patties Chairman, Mark Smith, said that the discussions are ongoing, and as such, there can be no assurance that the Proposal will result in any formal offer being made to Patties’ shareholders. «The Board remains confident in management’s plans for growth in the core brands and the business is experiencing strong momentum», said Smith. Patties shareholders should not take any action in relation to the Proposal. Patties continues to comply with its continuous disclosure requirements and will update the market if there are any material developments in relation to the Proposal. Greenhill + Co. and Minter Ellison are advising Patties in relation to the Proposal.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Cloetta AB: announces Q2-2024 interim report
- Axfood AB: Reports Q2-2024 Financial Results
- Chef Robotics: Launches AI-Powered Food Robot
- Conagra Brands: Reports Fourth Quarter 2024 Results
- Limerston Capital sells Village Bakery to Groupe Menissez
- GrubMarket: Buys Major Foodservice Company in Texas
- Lantmännen acquires Entrack AB
- DPC Dash: Concludes H1-2024 with Sustained Expansion
- Norway: Orkla Food Ingredients acquires FDE
- Fondo Italiano d’Investimento co-invests in Casa della Piada
- Greggs: invests in a new frozen manufacturing and logistics site
- Bundeskartellamt imposes fine against «Fritz!» manufacturer AVM
- Yum China: Celebrates Opening of its 200th KCoffee Store
- Beijing intends to roll out 5’400 food production robots
- K-Citymarket: sees significant sales growth in Finland
- DPC Dash: reaches 900-store milestone in China
- Coffee Holding: Terminates Merger with Delta Corp Holdings
- Perkins Restaurant + Bakery: introduces new brand identity
- Engelmans Bakery: acquires St. Armands Baking Company
- National DCP: Breaks Ground on New Distribution Center