Private-label frozen foods maker Overhill Farms has turned down a takeover bid from two private equity firms.
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GESD Capital Partners and Citicorp Venture Capital had tabled an offer worth US$4.40 a share but Overhill chairman and CEO James Rudis said the bid under-valued the company.
“The company’s present performance and its prospects for both immediate and long-term future revenue and profitability growth justify a significantly higher valuation for the company than any of the proposals received to date,” Rudis said.
Overhill’s board remains in talks with potential suitors, Rudis added.
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