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. Last Updated: 07/27/2016

Biscuit Bidding War

LONDON -- A bidding war broke out Wednesday for British food group United Biscuits PLC, with market sources reporting a new offer for Britain's largest maker of cookies and crackers of 250 pence ($4.04) to 260 pence per share.

Intense discussions were under way between the British group and two rival bidders f a U.S. venture involving food giant Nabisco Holdings Corp., and a European alliance linked to leading French food manufacturer Groupe Danone.

A bid at the 250 pence to 260 pence level would top the 245 pence per share offer accepted Tuesday by United Biscuits from the American group, led by Texas buyout firm Hicks Muse Tate & Furst. A source close to the deal said late Tuesday that Finalrealm, the French-led group of European firms, bid roughly 1.9 billion euros ($1.9 billion) for United Biscuits.

A Finalrealm spokesman declined to comment on the figure. He said Finalrealm was in active talks with United Biscuits on a cash bid that would exceed Tuesday's offer from the Americans.