Trading in the shares of Inter Link Foods has been suspended this morning (12 June) as the UK baker prepares to clarify its financial position.
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Inter Link asked for a temporary halt in trading on London’s AIM following a breakdown in discussions with potential suitor McCambridge, the Irish food group.
McCambridge has been interested in buying Inter Link, which has suffered amid fierce price competition among own-label suppliers and as consumers switch to more premium products.
Talks between the two groups broke down after Inter Link’s bankers said they would not agree to an offer for the company from McCambridge.
As a pre-condition to the offer, McCambridge asked that Inter Link’s bankers “compromise their position”, Inter Link said today. The bankers refused leading to McCambridge withdrawing the offer.
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By GlobalDataInter Link, which makes Soreen malt loaves and private-label cakes for supermarkets, has completed a strategic review of the business that followed two profit warnings earlier this year.
Inter Link said talks are continuing with “a number of parties” over the possible takeover of the whole business. However, the company admitted that it has yet to receive an offer without a similar precondition to that laid down by McCambridge.
Inter Link added: “The bank continues to support the company’s trading requirements while these opportunities are explored. The company met its sales budget in May and is optimistic about finding a solution that retains jobs and provides supply and sales continuity for the longer term.”
