Patties Foods in acquisition talks

Company News

by Jessica Ellerm


Patties Foods Limited (ASX:PFL) has confirmed media speculation it has received a non-binding, conditional and incomplete proposal from Pacific Equity Partners to acquire the business.
 
Pacific Equity are proposing an offer of $1.65 in cash per Patties share, including any dividends paid after the proposal date, with a possible unquoted equity alternative.
 
Patties have announced that they believe engaging with Pacific Equity is in the best interests of shareholders, with the two companies now in advanced discussions.
 
Patties have advised shareholders to not take any action in relation to the proposal and will continue to update the market if and when there are any material developments. 
 
Patties Foods Limited reported a net profit of $7.26 million at 31 December 2015.

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