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Wednesday, August 6, 2014

United Biscuits not in sale talks with Kellogg - source, (NYSE: BX)

The owners of UK-based United Biscuits Ltd (IPO-UNI.L) are not in sale talks with Kellogg Co, a source familiar with the matter said, responding to a report that the cereal company was considering making an offer for the maker of McVitie's biscuits.Sky News reported earlier on Wednesday that Kellogg was working with investment bankers from Barclays on a possible 2 billion pound ($3.4 billion) bid for United Biscuits. ( Biscuits' private equity owners, Blackstone Group LP and PAI Partners, have been working on plans for a sale or an IPO that would take place by year-end, the source said.The source said the owners would opt for a sale over an IPO if the offer was at a "very good price" above 2 billion pounds.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.52% or $0.17/share to $32.62. In the past year, the shares have traded as low as $21.30 and as high as $36.08. On average, 4803510 shares of BX exchange hands on a given day and today's volume is recorded at 3093015.