Temptation Foods denies on talks continuing with HUL for acquisition of Marine Business

Temptation Foods Ltd has announced that the Company responded to some speculations in the media regarding its takeover of Hindustan Unilever Ltd's (HUL) Marine Business.

The Company had made a Binding Bid in March 2007 which was accepted by HUL in May, 2007. However, further discussions held between the Company & HUL in June and July, 2007 towards trying to finalise the transaction were inconclusive. The Binding Bid and the exclusivity period were valid till July 31st and remained no longer valid and was terminated in August 2007.

Mr. Vinit Kumar of the Company reiterated that "There is no truth in the rumours that Temptation is continuing to hold discussions with HUL on this business or that it plans to recommence negotiations. However, Temptation remains committed to creating value for the shareholders through accretive acquisitions and we remain confident on delivering enhanced earnings to TFL shareholders".

The stock closed the day at Rs.222.75, up by Rs.7.65 or 3.56%. The stock hit an intraday high of Rs.225.85 and low of Rs.216. The total traded quantity was 106160 compared to 2 week average of 38361.

Source : Equity Bulls

Keywords