US cereal maker Post Holdings wants to have its Weetabix and readies £1.5bn bid, as the race to buy the breakfast brand narrows to just two bidders
An American firm is lining up a £1.5bn bid for Weetabix, as it prepares to go head-to-head with another company interested in snapping up the breakfast cereal brand.
According to Sky News, which first reported the story, Post Holdings, which makes Golden Crisp and Cocoa Pebbles, is one of just two bidders left competing to buy Weetabix from its majority shareholder, China's Bright Food.
Nestle, PepsiCo, Lucky Charms owner General Mills, and Turkish food group Pladis have all previously been reported to be interested to snap up Weetabix, which is also minority owned by Baring Private Equity Asia.
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Bright has hired Goldman Sachs to oversee the sale process.
The UK cereal company also recently revealed plans to increase production capacity at its sites in Burton Latimer and Corby by 2018.