Consumer goods major Hindustan Unilever (HUL) announced that it has terminated the bid made by Mumbai-based Temptation Foods (TFL) to acquire HUL’s marine foods business.
Temptation had submitted a binding bid in May 2007, after HUL obtained shareholder approval in March this year to transfer its marine foods export business.
This was subsequent to the decision by HUL’s parent, Unilever, to exit from frozen foods, barring ice-cream, globally.
“The talks with Temptation Foods did not have a successful outcome. Consequently the binding bid submitted by TFL was terminated in August 2007,” HUL said in a statement.
The announcement comes at a time when TFL’s Qualified Institutional Placement (QIP) to raise Rs 114 crore to fund acquisitions went live. Last week, the company also received shareholder approval to raise more than Rs 90 crore through a preferential allotment.
Read more in The Business Standard article.
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