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Cranswick no longer wants to buy Pet Nutrition Published: Dec. 17, 2020 at 3:00 a.m. ET By Resize icon
Cranswick PLC said Thursday that it has withdrawn its interest in buying Inspired Pet Nutrition Ltd., just one day after saying it was considering acquiring the U.K. pet food business.
The U.K. food producer didn t give any explanation for why it was no longer interested in buying the company.
On Wednesday, Cranswick said it was engaged in a process over the potential acquisition of Inspired Pet, and that any deal would be part financed through a share placing.
Write to Ian Walker at ian.walker@wsj.com
By Alec Mattinson2020-12-16T16:20:00+00:00
Pork and meat supplier Cranswick is mulling a move into the fast-growing premium petfood sector with the potential acquisition of Inspired Pet Nutrition.
The Grocer reported in September that private equity group L Catterton had hired mid-cap investment bank Harris Williams to launch a sales process for IPN before the end of the year.
Responding to a Sky News report, Cranswick this morning confirmed it is “currently engaged in a process regarding the potential acquisition of Inspired Pet Nutrition Limited”.
It stated: “In line with the company’s stated long-term growth strategy to expand its product offering through further diversification, Cranswick regularly considers acquisition opportunities.”
Shares rallied and the pound surged to its highest level since 2018 as hopes grew that the UK could be on the cusp of striking a Brexit deal.
The City was buzzing after EU Commission president Ursula von der Leyen said there is a path to agreement now even if it may be very narrow , fuelling anticipation that an agreement on new trade terms is imminent.
The two sides have found a way forward on most issues , she said, though fisheries and competition rules are still sticking points. Downing Street said last night that a No Deal is still the most likely outcome when the transition period ends on December 31.