Bids split Hillsdown board

17 May 1999

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.

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