Premier Foods drops plans to bid for United Biscuits
Published September 14th, 2006
Premier Foods PLC has been forced out of the 1.7 bln stg battle for United Biscuits’ snacks businesses in the UK and Ireland after the owner of Branston pickles and Ambrosia custard struggled to raise enough cash to win the auction, the Financial Times newspaper reported.
The move leaves the path clear for US buy-out firm Blackstone, which had been the only other bidder left in the final stages.
Premier teamed up with Lion Capital and NPM Capital. However, Lion Capital withdrew from the consortium, leaving a funding gap of about 250 mln stg, the article said.
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