USA: Pierre Foods in advanced buyout talks
Pierre Foods, Inc. (Nasdaq: FOOD) today announced that it is in advanced talks with a management group that reportedly owns 49% of the company's outstanding common stock and seeks to purchase, for cash, all shares owned by unaffiliated investors. A special committee of the company's board of directors has been negotiating the terms of a possible transaction with the management buyout group. Both the committee and the buyout group are being advised by valuation experts. The price range under discussion for the stock owned by public shareholders is significantly lower than the $1.63 price per share last reported by the Nasdaq Stock Market yesterday. The stock closed at $1.06 on Wednesday.
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