Cedenco looks for new owner

Brierley has indicated that while Cedenco's recent performance has been very good and prospects are excellent, the asset is no longer strategic.

CED says a sale of BIL's 49% stake could potentially cause control of the company to pass to a new shareholder without providing the opportunity for other shareholders to participate in the sale on similar terms.

Cedenco says that because of this its board has decided to seek offers for 100% of the shares in CED, to give all shareholders the opportunity to participate.

Fellow food processor, Golden Circle, recently pulled out of a planned deal to buy 54% of Cedenco shares.

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