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UB bids for Premier Foods' Mr Kipling - report

Sun Nov 16, 2008 9:30am EST

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LONDON, Nov 16 (Reuters) - United Biscuits (UB) has made a secret 250 million pounds ($370.2 million) offer to prise the popular Mr Kipling brand from Premier Foods (PFD.L), The Sunday Telegraph reports without citing sources.

Premier's CEO Robert Schofield is understood to have rebuffed an approach by private equity-owned UB for the brand, leaving UB looking at whether to approach banks or shareholders directly.

Premier needs to find ways of reducing its 1.7 billion pounds debt, and the approach may put Schofield under additional pressure to justify to shareholders his efforts to keep the company intact, says the paper.

The paper reports that neither company was commenting on the possible sale, and neither company could immediately be reached for confirmation. (Reporting by Ben Deighton; Editing by Hans Peters)



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