Pet: Who Will Swallow It Next?

Pet, a producer of specialty packaged foods including such brand-name products as Old El Paso Mexican foods and Progresso soup, may soon find itself in another buyout deal--if some takeover investors are right. Pet was spun off to shareholders of the conglomerate Whitman in 1991. Whitman first acquired Pet in 1978 when Whitman was known as IC Industries. But as part of a restructuring, Whitman got rid of Pet. So what's next for the foodmaker?

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