Schwan’s has reportedly attracted interest from several bidders, including CJ CheilJedang, the South Korea-based food manufacturer said earlier this summer to be eyeing the US frozen-foods group.
Reuters , citing an unnamed source, said Schwan’s had yet to choose its preferred bid from the suitors.
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In June, Seoul-based CJ Cheiljedang responded to speculation it was targeting Schwan’s by issuing a stock-exchange filing that read: “As part of efforts to strengthen competitiveness in overseas food business, we are considering the acquisition of a US processed food company but nothing has been decided so far,” the company said in the filing.
Privately-owned Schwan’s makes products for the home-delivery, retail-grocery and foodservice channels. In December, it was said by industry sources to be eyeing a sale that could fetch as much as US$2.5bn.
News channel CNBC said at the time Schwan’s had reportedly hired investment bank Piper Jaffray to review “options” that could include a sale. The sources, who asked not to be named, said the company could also opt to offload chunks of the business.
See Also:
Cheiljedang makes soy sauces, oils and ingredients for the food industry and has brands under its wing such as Bibigo and Dasida.
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