Boparan Holdings, the UK-based food business, has revealed there is takeover interest in Fox‘s Biscuits.
The company behind 2 Sisters Food Group said there had been an approach to buy the maker of brands including Rocky and Echo.
In a filing to the Luxembourg Stock Exchange, Boparan Holdings said: “Boparan Holdings Limited announces that it has received a preliminary approach for Fox’s Biscuits – the trading name of Northern Foods Grocery Group Limited. The group’s expectation is that any formal offer for Fox’s Biscuits/NFGG would be at a valuation in the region of GBP350m (US$431.9m).”
Boparan Holdings added: “At this stage, there is no certainty that any transaction will proceed.”
The company acquired Fox’s Biscuits as part of its purchase of UK group Northern Foods in 2011 for GBP342m. There has been regular speculation of possible interest in Fox’s Biscuits. In 2014, another UK-based biscuit business, Burton’s Biscuit Co., was reported to have made an approach to buy Fox’s.
In January last year, The Wall Street Journal reported Boparan Holdings had instructed investment bank Rothschild to contact potential buyers to gauge interest in the business, although sources played down the prospect of a sale when approached by just-food. Last spring, there were reports Boparan had entered talks with Burton’s.