US: Tyson mum on "Michael Foods bid"
Tyson "tables bid" for Michael Foods
According to Bloomberg, Tyson hopes to win through in an auction process expected to raise in the region of US$2bn. A spokesperson for the US protein group declined to comment.
Michael Foods was acquired in 2010 by Goldman Sachs' investment arm GS Capital Partners for US$1.7bn. Rumours that Goldman Sachs was seeking to offload the business emerged at the end of last year. Speculation has focused on Tyson as a potential strategic buyer, while a number of private-equity firms are said to be weighing up offers.
Michael Foods manufactures products under the Papetti's, Crystal Farms, AllWhites and Simply Potatoes brands. The group generates annual sales of around $1.5bn.
Tyson Foods is expanding its stable of value-added brands. It has indicated it wants to increase exposure to prepared foods in order to offset some of the swings in commodity prices associated with the protein markets.
Last year, sales of prepared foods accounted for just 10% of group revenue. However, Tyson plans to grow value-added sales and the company has realigned its management structure to reflect this aim - separating its prepared foods and chicken operating units.
Project Synopsis: MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity unde...
TechNavio's analysts forecast the Global Protein Ingredient market to grow at a CAGR of 6.03 percent over the period 2013-2018. One of the key factors contributing to this market growth is the growing...
About Ready Meal A ready meal is a convenient and prepared food, which consists of ingredients that have been pre-cooked to a certain extent. It is considered as an easy alternative to food prepared a...
Meat Packing and Processing, Including Poultry (Chicken and Turkey), Beef and Pork, Industry (U.S.): Analytics, Extensive Financial Benchmarks, Metrics and Revenue Forecasts to 2021, NAIC 311600 Vita...
- How Danone aims to meet its 2020 objectives
- Will Belvita win at breakfast in China? - analysis
- What could influence US healthy snacking market?
- Interview: How American Halal rides ethical wave
- The top takeaways from IGD's Supply Chain Summit
- Pinnacle to buy Boulder Brands in $975m deal
- PepsiCo trims staff amid marketing cuts talk
- Genius Foods buys UK gluten-free firm Chapel Foods
- US FDA approves genetically engineered salmon
- ConAgra Foods to split into two