Bids split Hillsdown board
THE Hillsdown Holdings board is split into two camps on two bids which have been made for diversified conglomerate, which includes a number of poultry interests.
Chairman Sir John Nott, together with two other independent directors, have recommended a £464 million cash bid from Hicks, Muse, Tate and Furst of the USA.
But executive board members, led by chief executive Michael Teacher, have continued talks towards a British-sponsored management buyout.
The US group has indicated that it plans to build up Hillsdown with further acquisitions, overseen by food industry consultancy C Dean Metropoulos.
Unigate pulled out of a bid to buy Hillsdown last summer after trading worries. The company has since embarked on a plan to break itself up and return cash to shareholders.
- US firm bids £450m for Hillsdown, FWi, 14 May, 1999
- The Guardian 17/05/99 page 22
- The Daily Telegraph 17/05/99 page 26
- The Herald 17/05/99 page 18 (In Brief)