8 November 2000
Sara Lee abandons Matthews bid

By FWi staff

US food conglomerate Sara Lee has abandoned plans to buy the Bernard Matthews turkey empire, reports The Guardian.

This decision means that Mr Matthews looks likely to succeed in his 232 million bid to make the company private.

Mr Matthews said he was “delighted” at the news, and that his consortium looked forward to progressing with its bid.

It is believed Sara Lees bid was scuppered by its failure to capture the approval of shareholder Royal and Sun Alliance.