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

May 29, 2016 11:51 PM

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SYDNEY May 30 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.

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