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September 23, 2014

UPDATE: UK: United Biscuits attracts first-round bids over GBP2bn

United Biscuits is understood to have received first-round takeover bids valuing the UK biscuit maker "north" of GBP2bn (US$3.3bn).

United Biscuits is understood to have received first-round takeover bids valuing the UK biscuit maker “north” of GBP2bn (US$3.3bn).

just-food understands that the auction has now progressed to the second stage. The firm has attracted a “good” level of interest with “several” potential buyers in the running.

Reports have suggested Kellogg is among the bidders, alongside Uk rival Burton’s Biscuit Co. – owned by the Ontario Teachers’ Pension Plan – and Turkish food group Ulker.

However, a source close to the situation told just-food UB’s owners, Blackstone Group and PAI Parters, are still “very much” pursuing the possibility of floating the McVitie’s-to-Jacob’s biscuit maker. The private-equity firms are looking at the most profitable way to exit the investment and a float is still on the cards, the source suggested.

Blackstone, PAI and Ontario Teachers’ declined to comment while Kellogg and Ulker did not respond immediately to requests for comment.

Click here for our analysis of the potential bidders and whether the business is likely to be listed or sold.

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