Irish food group McCambridge has made a fresh offer for Inter Link Foods, according to the chairman of the ailing UK baker.
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Jeremy Hamer told just-food this afternoon (12 June) that McCambridge had returned with a new proposal after Inter Link’s bankers refused to accept the company’s initial offer.
Inter Link’s bankers, which are owed around GBP65m (US$128m), were unhappy with the original offer drawn up by McCambridge last week. Hamer said McCambridge’s initial offer would have given Inter Link shareholders a premium on their shares, while asking the banks to take a write-down on the company’s debt. “The bank would not agree to such a write-off if the shareholders were getting any payments,” Hamer said.
However, he said McCambridge’s new offer did not give Inter Link shareholders any such premium. “McCambridge have put in another offer but this time offering the shareholders nothing. So, we now have a number of offers, none of which offer the shareholders anything.”
Nevertheless, Hamer said the Inter Link board would consider all of the offers on the table. “In the context of us needing to reshape our balance sheet and get a stable future for the business, we do need to work on these offers and see if we can maximise the situation for all stakeholders. That’s everyone from the bank to our suppliers, customers, staff and our shareholders.”
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By GlobalDataShares in Inter Link were suspended this morning following the breakdown in discussions with McCambridge. This afternoon, Inter Link then issued a statement to the London stock exchange to say that none of the offers on the table are for shares in the company.
“There are presently no proposals available to, or under consideration by, the company that may lead to an offer being made for the share capital of the company, whether in issue or to be issued,” Inter Link said “As a result the Company is no longer deemed to be in an offer period under the Takeover Code.”
Officials at McCambridge could not be reached for immediate comment.
