Overhill Farms says 'no' to $4.40-per-share offer

By Lisa Kerner

Charlotte, N.C., Feb. 13 - Overhill Farms, Inc. rejected a proposal from GESD Capital Partners and Citicorp Venture Capital to acquire all of the company's stock for $4.40 per share.

"Overhill Farms' board has concluded that the most recent offer from GESD-CVC does not reflect the intrinsic value and long-term prospects of the company," chairman and chief executive officer James Rudis said in a company news release.

"The board believes that the company's present performance and its prospects for both immediate and long-term future revenue and profitability growth justify a significantly higher valuation for the company than any of the proposals received to date," Rudis added, citing Overhill Farms' revenue growth and expected strong second quarter.

Overhill Farms said its board continues discussions with interested parties and will consider future proposals from previously interested parties.

Los Angeles-based Overhill Farms supplies frozen foods to foodservice, retail and airline customers.

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