US firm bids £450m for Hillsdown
A US private equity firm is set to bid about 450m for Hillsdown, the struggling food group which has been trying to sell its businesses in poultry and potatoes.
The firm, called Hicks, Muse, Tate & Furst, declined to confirm the bid but is known to be raising $1.5bn (910m) to make acquisitions in Europe.
Hillsdowns shares rose above 200p when Unigate bid for the company last year but have sunk progressively since the offer was withdrawn.
The groups subsequently embarked on a disposal programme which has sent the shares down nearer the 100p mark.
Disposals included Ross Breeders, a poultry breeding business, for 100m.