May 29, 2016 / 11:52 PM / 2 years ago

Australia's Patties Foods says gets A$230 mln bid from PEP

SYDNEY, May 30 (Reuters) - Australian packaged food supplier Patties Foods Ltd said on Monday it has received a A$230 million ($165 million) takoever bid from private equity firm Pacific Equity Partners (PEP).

The non-binding and conditional cash offer was priced at A$1.65 a share, a 24 percent premium to Patties’ Friday’s close. PEP also held out a possibility of an “unquoted equity alternative,” Patties said.

Patties was forced to recall a frozen mixed berries product last year amid concerns the product had caused an outbreak of hepatitis A. Laboratory tests later cleared the berries of carrying the disease. ($1 = 1.3924 Australian dollars) (Reporting by Swati Pandey; Editing by Richard Pullin)

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