Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, September 10, 2014

Philippines' San Miguel says considering bid for Britain's United Biscuits, (NYSE: BX)

The Philippines' most diversified conglomerate San Miguel Corp is considering making a bid for British snacks maker United Biscuits (IPO-UNI.L), its chief executive said on Wednesday.Days after the group bowed out of the airline business, chief executive Ramon Ang confirmed in a text message that San Miguel was weighing up a bid for United Biscuits, owner of snack brands such as Jaffa Cakes and Twiglets."We are evaluating a bid for United Biscuits," Ang said in text message to Reuters.United Biscuits' private equity owners, Blackstone Group and PAI Partners, have been working on plans for a sale or a public share listing that would take place by the end of the year. The auction for United Biscuits is reported to be worth 2 billion pounds ($3.22 billion).

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 0.76% or $-0.25/share to $32.50. In the past year, the shares have traded as low as $22.73 and as high as $36.08. On average, 4265120 shares of BX exchange hands on a given day and today's volume is recorded at 2447877.