Northern Foods said today (14 January) that it is no longer involved in the auction process for Burton’s Foods, the maker of Jammie Dodgers and Waggon Wheels.
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“Northern Foods notes the recent speculation concerning its participation in the auction for Burton’s Foods. Northern Foods has been informed that it is no longer in the auction process,” it said in a statement.
Last November, it was rumoured that private equity group Hicks, Muse, Tate and Furst was planning to sell Burton’s for around GBP300m (US$589m). The private equity company took control of the biscuit maker in 2000 for GBP130m.
At the time, Northern Foods was touted as a potential buyer. Other bidders are thought to include Duke Street Capital, 3i and Legal General Ventures.
It has been speculated that if Northern Foods, which recently amassed a war chest of GBP160m after the sale of its Speciality Bread and Chilled Pastry unit, failed to win Burton’s the company could be broken up into its respective brands and businesses.
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By GlobalData
