Italian food manufacturer Newlat has paused talks to buy tuna giant Princes after a revised proposal was rejected by its Japanese owner Mitsubishi Corp.
Newlat said it had offered a new bid that reflected lower demand and price challenges in the current UK market, reported Reuters.
The manufacturer added that it was open to purchasing the FMCG giant should it change its mind on Newlat’s proposal.
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The latest news follows reports late last year that Princes was looking for a price of £400m for its acquisition. Private equity firms Epiris and Newlat were said to be the final two bidders having fought off competition from Texas-based private equity firm Lone Star Funds and financial investor One Rock Capital Partners.
Earlier this year, it was understood Epiris was close to purchasing the tinned fruit and fish company, which owns brands such as Flora sunflower oil and Napolina sauces.
In 2022 sales at the company fell, although it still generated revenues of nearly £1.5bn. It remains one of the UK’s largest food manufacturers.
