Sector News

San Miguel submits bid for UK snack maker

September 24, 2014
Food & Drink
(ABS-CBNnews.com) – Diversified conglomerate San Miguel Corp. on Wednesday confirmed it has submitted a bid to acquire United Kingdom-based snack maker United Biscuits.
 
San Miguel president and CEO Ramon Ang confirmed the bid in a mobile text message.
 
United Biscuits is the owner of snack brands such as Jaffa Cakes and Twiglets. Its private equity owners, Blackstone Group and PAI Partners are exploring a sale or initial public offering of the company, which is estimated to be worth 2 billion pounds ($3.3 billion).
 
However, San Miguel will be up against bidders such as Burton’s Biscuit Co. and Kellogg Co.
 
Bloomberg reported Burton’s, Kellogg and Turkish food producer Ulker Biskuvi Sanayi AS have made bids to acquired United Biscuits.

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