A buyout bid for Polish sweets maker Mieszko, made by Israeli drinks, confectionery and snacks giant Elite, has failed.

Mieszko revealed earlier today [Tuesday] that the bid had been unsatisfactory, and stressed that its PZl7m (US$1.7m) profit and PZl130m-140m sales forecast remained for the current year.

Elite and Mieszko had signed a letter of intent to the effect that the Israel firm would purchase a majority stake in the listed Polish confectioner in October.

Mieszko has also held potential merger talks with another listed sweets marker, Jutrzenka, but a deal was called off.