A Mystery Buyer Wants to Pay $431 Million for Party Rings Makerby
Owner Boparan expects a value of around 350 million pounds
Burton’s Biscuit Co. was previously seen as potential buyer
The owner of Fox’s Biscuits received an approach for the British maker of Party Rings and Rocky bars, a deal it said could bring in about 350 million pounds ($431 million).
Boparan Holdings, which acquired Fox’s as part of the 2011 takeover of Northern Foods Plc, didn’t identify the bidder in a statement filed on the Luxembourg Stock Exchange Thursday.
The news comes less than a year after a report that Wagon Wheels maker Burton’s Biscuit Co. was in talks to buy Fox’s. Burton’s, which is backed by Ontario Teachers’ Pension Plan, sold its license to sell Cadbury biscuits in the U.K. to Mondelez International Inc. in August, saying it would support its aim to be the leading manufacturer of private-label biscuits. Burton’s wasn’t immediately available for comment.
Thursday’s announcement by Boparan, set-up by 2 Sisters Food Group Ltd. founder Ranjit Singh Boparan, follows its takeover of turkey producer Bernard Matthews last year. That deal secured the jobs of 2,000 staff amid concern the company would go into administration.