Bid talk lifts shares in Canadian Pizza

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The Independent Online
Shares in Canadian Pizza, the pizza and pizza-crust maker, yesterday leapt from 89.5p to 100p after it announced it had received a tentative approach.

The company, floated in 1993, issued a statement about "possible offers being made". "The board confirms that one tentative approach has been made, which may or may not lead to an offer for the entire issued share capital."

Neither Peter Woodall, managing director, nor Barry O'Connell, chairman, would elaborate further.

Canadian Pizza - which is to change its name to Paramount Foods before 1 July - has issued three profits warnings since1993. But in March the company began to change its fortunes, with the announcement of a 51 per cent rise in annual pre-tax profits to pounds 2.1m.

As recently as last Friday, at its annual meeting, Canadianclaimed it intended to grow through acquisition and "through the development of the opportunities that exist within the current businesses".

Last March it bought Meridian Foods, the cooking sauces and low-sugar jam specialist, for pounds 1.13m as part of its diversification strategy.