Unilever poised for Bestfoods takeover

Article Abstract:

Unilever has launched a hostile takeover bid for Best Foods Div even as industry observers say the move is risky. Unilever has given Best Foods until May 4, 2000, to accept its unsolicited $18.3 billion takeover offer. Best Foods has implemented anti-takeover measures that would raise the cost of an acquisition and a staggered board that prevents replacing directors all at once. Its share price has benefitted from the takeover bid, reaching $64.31 before settling at $61.25 on May 3, 2000.

United Kingdom, Food Products ex Beverages, Food, Best Foods Div.

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Unilever felt push in bid for Bestfoods

Article Abstract:

Unilever NV, an Anglo-Dutch food and consumer firm, has offered to acquire Bestfoods for $66-a-share or a total of $18.4 billion. The unsolicited offer came after the Anglo-Dutch firm received information that Bestfoods, the United States-based producer of Skippy peanut butter and Hellmann's mayonnaise, was close to a merger deal with Campbell Soup. In addition, the firm also heard rumors that Bestfoods was also talking with another competitor, Heinz.

Convenience Foods, Peanut Butter, Roasted Nuts and Peanut Butter Manufacturing, Bestfoods

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Unilever wins food fight for Bestfoods

Article Abstract:

Anglo-Dutch food conglomerate Unilever dislodged Unilever as the biggest food company in the world when it acquired Best Foods for $20.3 billion. Both companies had combined revenues of $52.3 billion in 1999, which is bigger than Nestle's $49.7 billion. Aside from complementing each other's products, Unilever makes Lipton tea and Ragu sauces while Best Foods owns the Hellmann's mayonnaise and Skippy peanut butter brands, the deal is crucial in reviving Unilever's stock price.

Food & Kindred Products, Best Foods Div

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