Premier Foods Receives Approaches for Meat Free Business
October 05
09:10
2010
Premier Foods, the UK’s largest domestic food processor, has received approaches that may or may not lead to a sale of its meat free business, including the Quorn brand. The disposal of the business, which analysts estimate to be worth between £200m and £250m, would help Premier reduce its debt burden following a series of acquisitions culminating in its £1.2b purchase of RHM in 2007.
Premier Foods remains open minded about disposals, provided they deliver shareholder value and accelerate the reduction of average net debt/EBITDA. Potential bidders for the meat free business include Nestle, Unilever, Danone and Campbell Soup Company.
