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].
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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).
