September 6, 1989 |
Grand Metropolitan PLC said Tuesday that it has signed an agreement to sell its interests in the William Hill and Mecca betting shops to Brent Walker PLC for about $1.06 billion. The agreement, which had been widely anticipated, is subject to approval by shareholders of Brent Walker, a British leisure industry company, and clearance by Britain's Office of Fair Trading.
August 17, 1989 |
Pillsbury announced a definitive agreement Wednesday to sell its Bumble Bee Seafoods subsidiary to Unicord Co. of Thailand for $269 million in cash. The deal marks the second sale of a major U.S. tuna canning operation to Far Eastern interests over the past year and another step in Pillsbury's divestiture program. Last November, Ralston Purina sold its Chicken of the Sea tuna company to PT Mantrust of Indonesia for $260 million.
April 24, 1989
Switch at Burger King: The Miami-based hamburger chain said it will soon award the beefiest part of its advertising account to a new agency, replacing NW Ayer Inc. Ayer has enjoyed the bulk of Burger King's advertising budget, now running at $215 million a year. Burger King decided to revamp its marketing strategy in January, said spokeswoman Joyce Myers, right after parent Pillsbury Co. was bought by Grand Metropolitan PLC. The field is now narrowed to three finalists: Saatchi & Saatchi, D'Arcy Masius Benton & Bowles and J. Walter Thompson Co.
March 9, 1989 |
Grand Metropolitan PLC, Pillsbury's new owner, sliced off another section of the food and restaurant group Wednesday, agreeing to sell the S&A Restaurant Corp. to an investor group including top managers for $431 million. S&A was part of Pillsbury Co., acquired by Grand Met in January. Grand Met has launched a program of cost cuts and asset sales as it attempts to make Pillsbury more profitable. Grand Met said in a statement that the investor group was led by DSJ/Inverness & Co.
December 22, 1988 |
Pillsbury Co. Chairman Philip L. Smith, who arrived at the food and restaurant company less than four months ago, could depart nearly $8 million richer under the pending takeover by Grand Metropolitan PLC, according to documents reviewed Wednesday. The British liquor, gambling, food and specialty products conglomerate is expected to take control of Pillsbury in late January or early February and say goodby to Smith, who had been hired to replace William H. Spoor as chairman and chief executive.
December 21, 1988 |
Pillsbury Co. said Tuesday that the cost of unsuccessfully fighting off Britain's Grand Metropolitan PLC for two months, plus a special addition to its Burger King subsidiary's advertising budget, slashed second-quarter earnings by 38%. The Minneapolis-based food company, which agreed Sunday to be acquired by the British hotel and gaming conglomerate for $5.75 billion, said it earned $44.8 million, down from $72.5 million in its second quarter last year.
December 20, 1988 |
The brands are as American as apple pie--Keebler crackers, Carnation milk and Lipton Tea--but the companies that own them are located overseas. And as a result of an agreement reached Sunday, such familiar names as Pillsbury, Green Giant and Haagen-Dazs will join that list. In what would be largest foreign takeover of a U.S. food company, Pillsbury has agreed to be acquired by the British conglomerate Grand Metropolitan for $5.7 billion.
December 17, 1988 |
Pillsbury Co. on Friday suffered a stunning defeat in its fight against an unwanted takeover when a Delaware judge struck down key portions of its anti-takeover strategy. The judge said that Pillsbury, which is the target of a $5.5-billion takeover launched by Grand Metropolitan PLC, must revoke its so-called poison pill, which would have made a takeover of the food and restaurant company prohibitively expensive.