USA: Bestfoods Rejects Unsolicited Unilever Proposal
In response to inquiries, Bestfoods confirmed that its Board of Directors, with the advice of independent financial and legal counsel, has reviewed an unsolicited proposal from Unilever to acquire, under certain conditions, all of the outstanding shares of Bestfoods at $66 per share in cash. Bestfoods stated that its Board unanimously determined that the Unilever proposal was financially inadequate and not in the best interests of Bestfoods, its shareholders and other constituencies, given Bestfoods' successful business strategies and growth prospects.
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