The board of UK snacks and biscuit maker United Biscuits has reportedly given the green light to plans by the company’s private-equity owners to sell the business.
According to the Financial Times, UB’s board met on Tuesday (20 July) to approve Blackstone and PAI Partners’ plans to sell the McVitie’s maker.
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UB, which also makes brands including McCoy’s crisps and Penguin biscuits, declined to comment when contacted by just-food today.
Blackstone and PAI Partners bought UB in 2006 for GBP1.6bn (US$2.44bn) from a consortium including Kraft Foods and private-equity groups Cinven and MidOcean Partners. PAI already held a 40% stake in UB.
Reports in the UK suggest the business could attract offers of around GBP2bn this time around.
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