Inactive Instrument

Finsbury Food Group Plc

FIF

GB0009186429

Fidelity to oppose Finsbury Food Group offer terms, Sky

October 12, 2023 at 04:58 pm EDT

(Alliance News) - One of the City's most influential investors is resisting a recommended takeover of Finsbury Food Group PLC, according to Sky News.

Sky said that Fidelity International, which holds a 10% stake in the company, plans to vote against the 110 pence-a-share bid from DBAY Advisors recommended last month.

https://news.sky.com/story/fidelity-has-little-appetite-for-finsbury-food-bid-12983283

Alex Wright, portfolio manager, Fidelity Special Situations Fund and Special Values PLC, told Sky News: "DBAY Advisors' offer to buy Finsbury Food Group at 110p per share undervalues the company, and Fidelity International will not be accepting the bid at this level.

"To put this offer in perspective, the bid values the company at a mere 11 times forward earnings, which is a very small premium to the 103p price the stock was trading at back in March this year.

"The company has been excellently managed by the current CEO and CFO through both Covid and recent commodity price rises.

"With large efficiency and IT investments now complete, strong future cashflow generation should provide a platform for management to continue to add value through additional bolt-on M&A."

Shares in Finsbury Food Group closed up 0.2% at 109.75p on Thursday in London.

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Latest news about Finsbury Food Group Plc

DBAY Advisors Limited completed the acquisition of Finsbury Food Group Plc from Investec Wealth & Investment Limited, John Duffy, Steve Boyd, Marnie Millard, Peter Baker, Robert Beveridge and others.	Nov. 15	CI
Petra Diamonds chair to retire	Nov. 14	AN
Logistics Development notes Finsbury court scheme approval	Nov. 03	AN
Finsbury Food Group Shareholders OK Takeover by Frisbee Bidco	Nov. 03	MT
Finsbury Food delays meetings after speaking to shareholders	23-10-20	AN
Fidelity International to Oppose DBAY Advisors' Buyout Bid for Finsbury Food Group	23-10-13	MT
Fidelity to oppose Finsbury Food Group offer terms, Sky	23-10-12	AN
FIDELITY INTERNATIONAL, WHICH OWNS 10% OF LONDON-LISTED FINSBURY…	23-10-12	RE
Logistics Development ups stake in Finsbury Food	23-10-12	AN
Logistics Development Group Lifts Finsbury Food Group Stake	23-10-12	MT
London Finance & Investment swings to annual profit, remains upbeat	23-09-29	AN
FTSE 100 Closes Up 0.07% Tuesday, Buoyed by Weak Pound	23-09-26	DJ
Finsbury Food grows profit and revenue as DBAY takeover gathers steam	23-09-26	AN
Earnings Flash (FIF.L) FINSBURY FOOD GROUP Posts FY23 Revenue GBP413.7M	23-09-26	MT
Earnings Flash (FIF.L) FINSBURY FOOD GROUP Posts FY23 EPS GBX8.20	23-09-26	MT
Finsbury Food Group Plc Reports Earnings Results for the Full Year Ended July 01, 2023	23-09-26	CI
Finsbury Food Group Plc Proposes Dividend for the Year Ended 1 July 2023	23-09-26	CI
Logistics Developments highlights interest in Finsbury Food	23-09-21	AN
The FTSE 100 Closes Up on Eased Oil Prices, Anticipation Over US Interest Rates Decision	23-09-20	DJ
Housebuilders surge as UK inflation abates	23-09-20	AN
AIM WINNERS & LOSERS: Finsbury Food accepts private equity buyout	23-09-20	AN
Finsbury Food shares jump 20% as accepts GBP143 million takeover offer	23-09-20	AN
Finsbury Food Group Jumps 23% on Buyout Bid from Asset Manager DBay Advisors	23-09-20	MT
UK's Finsbury shares jump on $177 million takeover	23-09-20	RE
DBAY Advisors Limited agreed to acquire Finsbury Food Group Plc from John Duffy, Steve Boyd, Marnie Millard, Peter Baker, Robert Beveridge and others for approximately £140 million.	23-09-19	CI

Chart Finsbury Food Group Plc

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Company Profile

Finsbury Food Group Plc is a United Kingdom-based specialty bakery manufacturer of cake, bread, and morning goods for the retail and foodservice channels. The Company's segments include UK bakery and Overseas. The UK bakery segment manufactures and sells bakery products to United Kingdom grocery and food service sectors. It comprises six subsidiaries, all of which manufacture and supply food products through the channels. The Overseas segment procures and sells bakery products to European grocery and food service sectors. Its bakeries and businesses across the United Kingdom and Europe create bread, morning goods, and cakes. Its bakeries include Memory Lane Cakes, Fletchers, Kara, Johnstone's Food Service, Lightbody, Lightbody Europe, Nicholas & Harris, Ultrapharm, and Ultraeuropa. The Company holds a portfolio of licensed brands in the cake and bread sectors, which include Disney, Warner Bros, Nickelodeon, Hasbro, Mattel, Nintendo, and Xbox, among others.

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Food Processing

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Sector Bread & Bakery Product Manufacturing

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Bread & Bakery Product Manufacturing