Vlasic prefers Hicks offer
offer for parts of bankrupt US food group Vlasic, by agreeing a
deal to buy all of Vlasic's...
Hicks, Muse, Tate and Furst, the buy-out firm, beat HJ Heinz's offer for parts of bankrupt US food group Vlasic, by agreeing a deal to buy all of Vlasic's frozen food, sauce and pickles businesses for $370m, the Financial Times reports. In January HJ Heinz, the consumer giant, had agreed to buy only the pickles and barbecue sauce businesses for $174-$179m, and would have folded them into its ketchup and condiments division. Vlasic would have needed to find a buyer for Swanson frozen brand, the newspaper continues. The deal has yet pass court approval and some analysts believe that other interested parties may emerge. Vlasic, which was spun off from Campbell Soup in 1998, hired investment bankers Lazard Freres last March to explore strategic options. Goldin Associates, a company retained by Vlasic to provide interim management, said the deal will enable the bankrupt company to pay back its senior lenders and to make a "substantial distribution" to bondholders and other creditors. Source: Financial Times
