Premier Foods PLC (LON:PFD) said it is in advanced talks with two parties regarding its meat-free business, including the Quorn brand.
The group issued a statement in response to recent press speculation, and confirmed that it has received bids from a number of parties, including multinational food groups and private equity firms. However, it did not identify a suitor.
Various reports are touting Swiss food group Nestle SA as having tabled a £230 million offer for the meat-free business, with Sky saying Nestle has hired JPMorgan Chase & Co as an adviser and made the offer through Osem Investments Ltd, an Israel-based unit that makes kosher food.
The group flagged in early October that it had received approaches for its meat-free business, including Quorn.
Premier reiterated today it remains open minded about disposals, provided they deliver shareholder value and accelerate the reduction of average net debt/EBITDA.
“There can be no guarantee that a sale of the meat-free business will take place. Further announcements will be made as and when appropriate,” it added.