Kellogg to bid on United Biscuits?
Battle Creek, MI-based cereal maker Kellogg Co. reportedly has hired an adviser to examine a bid for British cookies and snacks maker United Biscuits, Hayes, United Kingdom. Kellogg and United Biscuits are not in negotiations.
Kellogg is in the early stages of exploring a bid for United Biscuits and has not decided if it will table an offer, an unnamed source told Reuters.
United Biscuits, which is owned by private equity firms Blackstone Group and PAI Partners, did not comment on the rumors. Kellogg said it does not comment on rumors or speculation.
Kellogg reportedly was working with investment bankers from Barclays on a potential $3.4 billion (2 billion pounds or 2.5 billion euros) for United Biscuits.
Kellogg is the latest company to be linked to an offer for United Biscuits, which owns the McVitie’s biscuits brand. Chinese private equity firm Hony Capital was reportedly considering an offer for the British firm in January 2014.
Source: International Business Times