Food producer loses appetite for potential acquisition

Hull-based food producer, Cranswick, has confirmed it is no longer exploring a possible acquisition.

Only yesterday morning – December 16 – the listed business had responded to press reports of a potential deal.

It said it was engaged in a process regarding the potential acquisition of Inspired Pet Nutrition Limited, a UK pet food business based near Thirsk, in North Yorkshire.

Cranswick said if a deal went ahead, it would part-finance the acquisition via an equity placing of less than 10% of issued share capital to investors.

However, in a new statement issued this morning, Cranswick has said: “Further to its announcement of 16 December 2020, the Board of Cranswick plc today confirms that it has withdrawn from the acquisition process for Inspired Pet Nutrition Limited.”