Bid on WT Foods

A bid for WT Foods, the British ethnic foods supplier, valuing the company at about US$ 104.9m is being prepared by management led by Keith Stott chief executive and Rod Garland, finance director, reports the Financial Times​. On June 8, WT Foods announced that it had received an approach that "may lead to an offer"​ but refused to comment further. WT Foods' results for the year to end March are due to be announced by the end of this month, when further details of the approach are likely to be released. The bid is subject to due diligence, which could take several weeks. According to the Financial Times, management at WT Foods​ had become frustrated by the company's poor share price performance, and wanted to take it private. Thanks to acquisitions such as the £50 purchase of the Indian ready-meal maker Noon Group, WT Foods' profits grew; however its share price has not followed. Source: Financial Times