US canned food group Seneca Foods has emerged as the stalking horse bidder for Allens after the Popeye Spinach maker filed for bankruptcy in October this year.
Seneca has entered into an asset purchase agreement to acquire Allens for US$148m. The purchase price is subject to working capital adjustments and the assumption of certain liabilities.
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The deal is subject to a competitive auction process. Allens will seek bankruptcy court approval for the agreement at a hearing in the “near future”.
Seneca and Allens held talks over a potential merger in 2011, although the deal was subsequently abandoned.
