Bumble Bee Foods has received takeover overtures from canned tuna giant Thai Union Frozen Products PCL and U.S. packaged foods company Post Holdings Inc in recent months, according to people familiar with the matter. The largest canned tuna and sardines producer in North America, Bumble Bee Foods is set to launch a sale process in the fall amid strong interest from industry players and has appointed an adviser to assist with that effort, the people said.Bumble Bee, owned by private equity firm Lion Capital LLP, is seeking a valuation upward of $1.5 billion, the people said, asking not to be named because the matter is not public.Lion Capital and Thai Union declined to comment. Post could not immediately be reached for comment.A spokesperson for Bumble Bee said: "Earlier this year, Bumble Bee indicated it would likely be evaluating refinancing options during 2014. Beyond that, the company cannot comment on any speculation regarding these or other options it may be considering at this time."
Post Holdings, Inc. (Post) is a consumer packaged goods holding company operating in the center-of-the-store, refrigerated, active nutrition and private label food categories. Shares of POST fell by 0.72% or $-0.27/share to $37.15. In the past year, the shares have traded as low as $32.87 and as high as $60.63. On average, 995789 shares of POST exchange hands on a given day and today's volume is recorded at 659237.
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