US: Tyson silent over Michael Foods acquisition talk
If Tyson Foods was to acquire Michael Foods, it would significantly strengthen its poultry arm.
According to Reuters, Tyson is looking at a possible bid for Michael Foods. Citing anonymous sources, the news agency said a potential deal could be worth US$2-2.5bn.
When contacted by just-food today, a spokesperson for Tyson said: "We don't comment on rumours and speculation."
Michael Foods manufacturers products including eggs, refrigerated potatoes and cheese. Goldman Sachs bought Michael Foods in a $1.7bn deal in 2010.
Last month, Reuters reported Michael Foods had asked Goldman Sachs to help it prepare for an auction.
In November, Tyson president and CEO Donnie Smith, following the company's annual results announcement, said the company had its eye on M&A but was also keen to grow its existing prepared foods business.
"With our cash flow, it's obvious that acquisitions are within our view," he said at the time.
Last year, the company's net earnings grew by more than a third, hitting US$778m.
No one was immediately available for comment at either Goldman Sachs or Michael Foods when approached by just-food.
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