| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers B > Headlines for Big Food Group, plc > News item |
S&P: Big Food still on watch
Standard & Poor's said that its ratings on The Big Food Group plc and related entities remain on CreditWatch with negative implications.
The ratings were initially placed on CreditWatch on Dec. 1 following the group's announcement that Iceland-based Baugur Group hf (Baugur) and its investment partners had substantially completed their due diligence for the proposed takeover of Big Food. At Sept. 17, Big Food's estimated lease- and pension-adjusted net debt was £875 million ($1.7 billion).
S&P said the CreditWatch update follows the proposal by Giant BidCo Ltd. - a company owned by Baugur and its investment partners - to offer 95p in cash per share for Big Food, thereby valuing the group at £326 million. Big Food's board has confirmed that it will recommend the offer to its shareholders for approval.
S&P rates Big Food Group's corporate credit rating BB and its senior unsecured debt B+ (guaranteed by BF Ltd.).
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.