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.
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 Chilled and Deli Food market to grow at a CAGR of 2.71 percent over the period 2012-2016. One of the key factors contributing to this market growth is the incr...
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...
- Challenges for General Mills with The Good Table
- What US companies might Nomad Foods buy?
- Greek crisis - The impact on shopper behaviour
- Competition intensifies among UK burger chains
- Why investors are concerned about water risk
- Mitsubishi buys stake in Olam International
- Unilever claims victory in Becel dispute
- KitKat to go sustainably sourced cocoa only
- Arla strikes JVs in Nigeria and Senegal
- Arla H1 profits down on milk price slump
- Management briefing: just-food’s industry outlook for 2015
- Food Flavourings & Colourings (UK) - Industry Report
- Biscuit Manufacturers (UK) - Industry Report
- Bakery Market in Japan: Forecast, and Market Analysis 2015-2019
- The Coca-Cola Company : Consumer Packaged Goods - Company Profile, SWOT & Financial Analysis