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(Alliance News) - Meat producer producer Cranswick PLC on Wednesday confirmed that it is currently engaged in talks to potentially buy Pet Nutrition Ltd, a UK pet food business.
Shares in the FTSE 250-listed firm were 1.3% higher in London on Wednesday afternoon at 3,518.00 pence each.
"If successful, the group's current intention is to part-finance the acquisition via an equity placing of less than 10% of issued share capital to investors," Cranswick said.
The company noted there can be no certainty that the acquisition will progress. Cranswick said it will make a further announcement if and when appropriate.
It added: "In line with the company's stated long-term growth strategy to expand its product offering through further diversification, Cranswick regularly considers acquisition opportunities."
By Paul McGowan; paulmcgowan@alliancenews.com
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