USA: Court approves Vlasic Foods bidding procedures; competitive bids due March 27th
Vlasic Foods International (OTC Bulletin Board: VLFIQ) today announced that the U.S. Bankruptcy Court in Wilmington, Del., approved bidding procedures regarding the sale of its namesake "Vlasic" pickles and condiments and "Open Pit" barbecue sauce businesses. The Company announced January 29th that it agreed to sell the businesses to H.J. Heinz Company for $195 million, subject to closing adjustments and subject to higher and better offers via the Court supervised competitive sale process. That same day, Vlasic Foods and its domestic subsidiaries also announced that it voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code in order to implement the terms of the Heinz sale pursuant to section 363.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- 2017: three major drivers of M&A strategy
- just-food 2017 Survey - your thoughts on growth
- The food market in 2017 - consumer trends and M&A
- Food market in 2017: need-to-know US trends
- 2017 - what will shape the UK food sector?
- Premier Foods issues profit warning
- UK's Bakkavor plays down IPO "speculation"
- Ferrero insists Nutella not pulled from shelves
- Lindt sees FY sales acceleration on Europe growth
- Unilever sets packaging target