Italy's Newlat seeks exclusivity to resume talks to buy Hovis
Reuters
Published Nov 04, 2020 10:07
MILAN (Reuters) - Italian food group Newlat Food (MI:NWLF) said on Wednesday it would ditch plans to acquire British bread maker Hovis unless it were granted an exclusive negotiation period to "quickly" finalise an accord.
Milan-listed Newlat last month said it had made a non-binding offer for 134-year old Hovis, which is owned by Premier Foods (L:PFD) and The Gores Group.
Newlat said in a statement that it was still interested in the acquisition but it had informed Hovis' shareholders that it did not intend to join in a competitive tender.
"The negotiation will be resumed only in the event that the shareholders of Hovis grant, on the basis of the non-binding offer, an exclusive negotiation period to Newlat Food," it said.
Newlat was prepared to spend around 100 million pounds to buy Hovis, a source close to the matter had told Reuters.
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Written By: Reuters
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