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News > International
Cookie deal still pending
January 13, 2000: 11:32 a.m. ET

Nabisco ponders its next move as United Biscuit issues a final call for bids
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LONDON (CNNfn) - United Biscuits issued a "make-your-mind-up" call to Nabisco and Hicks, Muse, Tate & Furst Thursday, and said that barring any higher offer it would continue to recommend a cash offer for the company from French food giant Danone.
    Danone (PBN) and a number of financial backers have offered 265 pence a share for United Biscuits, valuing the company at 1.3 billion pounds ($2.1 billion). That trumped an earlier offer from U.S. cookie maker Nabisco (NA), which was made in cooperation for private equity firm Hicks, Muse.
    Nabisco and its partner initially offered 245 pence per share, then raised the offer to 254 pence.
    The American companies are considering whether to raise their offer, but sources close to the company reported that no decision is likely before next week. Together the companies already own a 29.9 percent stake in United.
    Danone and its team are due to post their formal offer to shareholders by the end of this week, at the latest. The Danone offer has the unanimous backing of the United Biscuits board, although United Biscuits [LSE: UBIS] stock was unchanged at 267 pence Thursday.
    United put itself up for sale in October, after a prolonged period of lackluster performance. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.