Canadian Pizza shares climb on bid talks
Saturday 12 August 1995
Following the news, the shares jumped a further 21p, to close at 107p.
Reg Bolton, company finance director, refused to name the interested buyer, but said the approach had been unsolicited. He stressed that an offer "may or may not be forthcoming."
Analysts speculated that a bid might come from competing food concerns, including Northern Foods, Geest, McCains or Heinz.
Canadian Pizza, which came to the market late in 1993, has had a rocky ride of late, losing a large share of its contracts to supply pizza bases and toppings to large retailers within months of coming to market. One of these is believed to have been Sainsbury.
Last month, it announced three new contracts with retailers, and although it again refused to specify the names, it is believed that Tesco is the largest of the three.
Analysts said the new contracts should boost performance in the second half of the year. In 1994, the company earned pounds 2.3m, on turnover of pounds 15.6m, down from pre-tax profits in 1993 of pounds 3.2m. In the first six months of 1995, earnings dropped to pounds 600,000.
Canadian Pizza supplies retailers and catering outlets in Britain and overseas, including Netherlands, France, Spain and Australia.
Mr Bolton said the company made its announcement about a possible bid on the advice of advisers, and was not asked to comment by the Stock Exchange.
"We don't know why there was a share movement, but we were advised that we should make a statement if the rise continued," he said.
Mr Bolton confirmed that the talks with the unnamed buyer would continue on Monday.
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
Bomber jacket worn by Mary Berry sells out within an hour
- 1 Scottish independence results live: Reunited kingdom - Scotland gives a clear 'No' in historic referendum
- 2 iOS 8 is full of shiny new features - but it's terrible news for app developers
- 3 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
- 4 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence results live: Reunited kingdom - Scotland gives a clear 'No' in historic referendum
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish independence: YouGov final prediction puts No campaign 8 points ahead - but Yes team remains optimistic
Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...
To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...
Up to £90,000 + benefits: Saxton Leigh: Credit Risk Audit Manager required to ...