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Pie maker gets $230m takeover offer

Business

Pies and frozen desserts supplier Patties Foods has received a non-binding takeover proposal from private equity firm Pacific Equity Partners (PEP).

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PEP has offered to pay $1.65 in cash for each Patties Foods share, valuing the company at nearly $230 million.

Patties Foods owns the Four’n Twenty pie brand, which sponsors the Port Adelaide Football Club.

Patties is in advanced discussions with PEP, Chairman Mark Smith said, and asked shareholders not to take any action at this time.

The company, which was forced to recall its Creative Gourmet and Nanna’s frozen berry products in February 2015 after a health scare, in February posted a 12 per cent decline in first-half profit.

– with AAP

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