Inter Link Foods has reached an agreement with potential suitor McCambridge, the Irish food group, that should allow access to the UK baker’s books.
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Takeover talks between the two companies had stalled over Inter Link’s insistence that a confidentiality agreement be signed before McCambridge could begin due diligence.
The two sides had spent yesterday (22 May) issuing public ultimatums to each other over the need for the confidentiality agreement.
However, this morning McCambridge said that direct discussions between the companies had resulted in an agreement that would allow talks to progress.
“McCambridge is pleased to announce, following direct discussions with Inter Link this morning, agreement has been reached on the terms of the disputed confidentiality agreement to enable execution to take place later today,” the group said.
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By GlobalDataSuch an agreement is often a prerequisite to due diligence in order to protect sensitive financial information on the takeover target being made public. The need for the agreement was all the more pertinent given the competitive relationship between McCambridge and Inter Link.
McCambridge, which owns almost 9% of Inter Link, earlier this month made an approach to buy Inter Link, which is in the middle of a business review following losses over the last 12 months.
