US group in Weetabix buyout
A United States private equity group today said it was buying breakfast cereal group Weetabix for about $1.11bn (€932m).
Hicks, Muse, Tate and Furst said its bid vehicle Latimer Acquisitions had agreed the terms of recommended proposals with the board of Weetabix to buy the entire issued share capital in the cereal firm.
Hicks Muse specialises in acquiring food manufacturers and already owns Premier Foods, formerly known as Hillsdown.
The company's brands include Crosse & Blackwell, Branston Pickle, Hartleys jam, Gales honey, Sun-Pat peanut butter Rowntree’s jelly and Typhoo Tea.
