Global beats Jourdan to buy Sims for 22.4m [pounds sterling]

Article Abstract:

The future looks rosy for two of the UK's leading food manufacturers. Both the subject of rival takeover bids, they have now been acquired for a good price - Hillsdown by US equity fund Hicks; Muse and Sims by UK conglomerate Global. British burger manufacturer Sims Food Group has agreed to a cash takeover bid by UK diversified conglomerate Global that values it at 22.4m [pounds sterling] (??34.9m). This puts an end to speculation that Sims could be the subject of a management buyout (see Eurofood, 20 May 1999, p14) and also confirms that the hostile takeover bid launched by UK consumer goods group Jourdan will not bear fruit (see Eurofood, 3 June 1999, p12). The directors of Sims said that Jourdans had little experience of the food sector and seemed to want to divert Sims' strong cash flow into "totally unrelated acquisitions" and urged shareholders to reject that group's lower bid

Animal Slaughtering and Processing, Meat Products, Parent-to-subsidiary activities, Meat industry, Sims Food Group PLC, Hicks, Muse and Company Inc., Global

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Future of Hillsdown uncertain

Article Abstract:

Hick, Muse, Tate and Furst of the U.S., a private equity group, has issued a bid to take over Hillsdown Holdings of the U.K. There is resistance among some Hillsdown managers who may be planning a management buyout bid.

Investment Offices, Investment Companies, Open-End Investment Funds, Hicks, Muse, Tate and Furst Inc.

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Mergers & Acquisitions & Joint Ventures

Article Abstract:

The article contains a long list of recent mergers, acquisitions, and joint ventures which occurred in the food industry.

Joint ventures, Food & Kindred Products, Food Manufacturing, FOOD AND KINDRED PRODUCTS

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