Unigate deal could net £2m for Hillsdown chiefs
FORMER directors of Hillsdown Holdings could net £2m if Unigate succeeds in buying the Terranova foods business demerged from Hillsdown.
Terranovas chief executive Terry Stannard has a clause in his contract giving him at least two years salary if the company is sold before October.
Mr Stannard was a director of Hillsdown before Terranova was demerged last October following failed takeover talks with Unigate.
The companys annual report and accounts reveal that three other directors received £1.4m compensation last year after agreeing to step down.
Investors received shares in two new companies: Terranova, the chilled foods division, and Fairview, the housebuilding arm.
Unigates 125p offer for Terranova has been rejected as too low but analysts believe a higher bid will follow.
- Unigate renews Terranova attack, FWi, 19 March 1999
- Terranova rejects £230m Unigate bid, FWi, 16 March 1999
- Terranovas first results as independent, FWi, 11
- The Daily Telegraph 07/04/99 page 29, page 31 (City Comment)