Will bidders be willing to pay EUR 300 million for Hortex?

The US fund, which is linked to Bank of America, had originally planned to list Hortex on the Warsaw Stock Exchange but is reportedly now planning to send out memoranda to a group of potential investors. Hortex, which is one of Poland's most valuable brands, has significantly improved its earnings over the past few years, and there should be no shortage of bidders. The companies mentioned as likely bidders include Pepsi-Co; Lion Capital, a UK private-equity firm, and Maspex, one of CEE's biggest food companies that could be interested in acquiring Hortex's frozen foodstuffs business to complement its leading position in the market for non-carbonated drinks. Hortex  would also make strategic fit for Agros-Nova, number two in the market for non-carbonated drinks, which has recently moved into the market for ready-made meals. Another company that had long expressed interest in Hortex is Hoop, the soft drinks maker. However, Hoop is currently busy integrating its earlier acquisition of Czech rival Kofola. It is not known whether Argon will break up Hortex before selling it. Hortex made a profit of zł.12 million on sales of zł.730 million in the 2006 fiscal year. (Parkiet, 1, 3) R.M.