Glisten management to stay with business

Glisten management to stay with business

Raisio's bid to buy Glisten is a "win-win" deal for both companies, the chairman of the UK snacks firm told just-food today (10 February).

David Wallis said the Finnish food group's plan to buy Glisten would mean "more investment" for the Fruitus and Dormen's maker.

Should Raisio's EUR22.8m bid for Glisten go through, it will be the Benecol brand-owner's first physical presence in the UK.

Raisio said this morning that it had "significant support" from Glisten's shareholders and senior management for its offer. A meeting of Glisten shareholders to vote on the bid will be held on 12 March.

Wallis said Raisio first approached Glisten a day after he became chairman of the business in December. Discussions then took place over the valuation of the company before today's announcement.

Wallis said he liked the Glisten business but played down any disappointment he might have felt at the company changing owner just weeks after he took the job.

"What I personally think is irrelevant. It's not my business; it's the shareholders' business," Wallis said. "I like the business and the niches it has found [but] it's my job to make sure that they are aware of any sensible approaches."

Senior management at Glisten will remain at the business, with CEO Paul Simmonds and finance director Rob Davies holding a 15% stake in Bidco, the entity Raisio set up to buy the snacks maker. Bidco will be renamed Raisio UK.