8 May 2000
Unilever pressured over Bestfoods offer
UNILEVER will come under pressure to raise its $18.4bn (12bn) offer for Bestfoods, after reports that HJ Heinz is preparing a rival bid.
The Times says that Bestfoods management is courting a Heinz bid, reputed to be pitched at $72 per share, $6 more than the Unilever offer.
But Bestfoodss management can expect a sceptical reaction from shareholders at any deal with Heinz based on share swaps, the newspaper predicts.
Marmite, Knorr soups and Hellmanns Mayonnaise are some of brands owned by Bestfoods.