Hovis receives offer from Milan’s Newlat Food

Italy’s Newlat Food (BIT: NWL) has become the latest group to launch a bid to buy Hovis.

Owned by Premier Foods (LON: PFD) and US investment firm, Gores Group, the 134-year old bread brand was described by Newlat Food as a brand with “a great tradition and recognisability in the United Kingdom”.

Newlat is listed in the Milan stock exchange and also has a substantial market share in Germany.

Hovis employs 2,800 people across the UK. Sales at the brand surged over lockdown as consumers stockpiled.

Newlat Food is not the only company that has launched bids for Hovid. Other bidders include Endless, Epiris, and Aurelius Equity Opportunities.

In a statement on their website, Newlat said: “Newlat Food is awaiting feedback from Hovis shareholders and, therefore, any other details regarding the transaction will be communicated with the evolution of the negotiations.”

Shares in Premier Foods are trading -1.62% at 97,20 (1356GMT).