Premier Foods attracts bidders for Quorn

4th Oct 2010 07:03

Hovis bread and Branston Pickle owner Premier Foods has confirmed reports in the weekend papers that offers have been made for its meat free business that includes Quorn."As stated at the time of its interim results on 4th August, the board remains open minded about disposals, provided they deliver shareholder value and accelerate the reduction of average net debt/EBITDA," the firm said in a short statement Monday."As part of this, the group confirms it has received approaches that may or may not lead to a sale of its meat free business, including Quorn."It's believed the sale could bring in as much has £250m, about half the amount Premier wants in order to make its £1.4bn debt mountain more manageable.Switzerland's Nestlé, Unilever and French giant Danone are being touted as possible bidders for the business Premier bought five years ago for £172m.Others think private equity buyers could also be circling the Mr Kipling cakes and Bisto Gravy firm.