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)