Danone consortium in pounds 1.26bn bid to swallow United Biscuits
Friday 17 December 1999
Finalrealm, the team of BNP-Paribas, Deutsche Bank and Cinven, which proposes to sell a portion of UB's assets to Danone, the French food giant if its bid is successful, said it had delivered a a 265p-a-share cash offer to UB'S board.
The proposal, following an offer from Burlington Biscuits of 254p a share, values the UK company at pounds 1.26bn. The offer also entitles UB shareholders to a dividend of 3.6p.
Peter Kirtley, an analyst at Investec Henderson Crosthwaite, said: "The UB management must be ecstatic. This is exactly what they wanted." Finalrealm's move, which came after the markets closed, shocked observers who had believed the US consortium of Hicks, Muse, Tate & Furst, the Texan buy-out team, and Nabisco, the US's biggest biscuit maker, was close to clinching the deal.
Burlington had raised its offer to 254p a share from its initial agreed bid of 245p after gaining control of 35 per cent of UB's equity. On Wednesday the group acquired 29.9 per cent of UB's shares and yesterday received irrevocable undertakings representing 4.5 per cent from Philips and Drew, the fund manager.
A spokesman for Burlington said: "We would remind people of our 35 per cent holdings and say we are reviewing the situation." Adrian Fisk, one of Burlington's advisers at Lehman Brothers, said he was awaiting Finalrealm's offer document. "It will be interesting to see what sort of crazy scheme they have come up with," he said.
UB shares yesterday closed down 4p at 256p.
- 1 This restaurant has misunderstood the concept of 'cheese and biscuits'
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 3 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
PornHub turns masturbation into energy in bid to save the planet
Spiritual leader allegedly manipulated 400 men into removing testicles to be 'closer to God'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
End of the licence fee: BBC to back radical overhaul of how it is funded
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...