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.
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.
Cheiljedang makes soy sauces, oils and ingredients for the food industry and has brands under its wing such as Bibigo and Dasida.