30 May 2000
Unilever to raise Bestfoods bid?
UNILEVER may offer more than US$70 (47) a share for Bestfoods if it receives information from its target to justify this, reports the Financial Times.
Bestfoods – which makes Knorr soups and Hellmanns mayonnaise – has said $70 a share is not enough.
Shareholders have indicated that they want Unilever to offer $72 a share, a sum thought to have been offered last year by Heinz.
Bestfoods believes that $1 billion (600m) in cost savings are possible, twice as much as Unilver claims.
The FT says this saving would give Unilever scope to raise its $66 a share offer, worth $18.4bn.
- Bestfoods fights Unilever bid, FWi, 23 May, 2000
- Bestfoods open to Unilever offer, FWi, 10 May, 2000
- Financial Times 30/05/2000 page 29