Italian pasta giant Barilla will pull out of its hostile takeover bid for German bakery group Kamps if a ‘white knight’ bidder emerges, according to reports in the Italian press today [Thursday].
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Barilla, which already holds a 2.07% stake in Kamps, has offered to buy Kamps for €12 per share, valuing the group at €993m. Kamps has rejected the bid as far too low, although analysts have deemed it fair (for further information, click here).
Barilla chairman Guido Barilla has stated his intention to avoid a battle for the group, however, saying in an interview that in an event of a rival bid, Barilla would back off: “No problem. We would let (a white knight) proceed and concentrate our attention on other opportunities.”
Meanwhile, Kamps said it would hold a press conference next prior before its Tuesday annual general meeting. The group has come under fire for suspected insider trading (click here for further details).
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
