Billionaire Nicolas Berggruen’s Justice Holdings may make a 1 billion pound ($1.65 billion) offer for breakfast cereal company Weetabix, Reuters reported, citing a story in the Sunday Times. UK-based Weetabix is owned by private equity firm Lion Capital, which bought it for 642 million pounds in 2003, Reuters wrote.
(Reuters) – Billionaire Nicolas Berggruen’s acquisition vehicle Justice Holdings is looking at making a 1 billion pound ($1.65 billion) offer for breakfast cereal maker Weetabix, the Sunday Times reported.
Such a deal would be the first for the fund, which raised a greater than planned 900 million pounds when it listed in February.
The paper cited “city sources” as saying that Berggruen and his advisers were at the early stages of examining an offer for Weetabix.
Northamptonshire-based Weetabix, which also makes Alpen muesli and Ready Brek porridge, is owned by private equity firm Lion Capital, which bought it for 642 million pounds in 2003.
(Reporting by Rosalba O’Brien; Editing by Jon Loades-Carter)