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Article: Duke Street price 'wasn't warranted'.(news)(Duke Street Capital)(Brief article)
- Article from:
- Grocer
- Article date:
- March 31, 2007
CopyrightCOPYRIGHT 2007 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Northern Foods was not willing to match the price Duke Street Capital paid for Burton's Foods, its new chief executive, Stefan Barden, admitted this week.
Northern Foods had been in the running to buy Burton's but dropped out of the auction in February. Duke Street tied up a deal for Burton's two weeks ago for a sum widely believed to be in the region of 200m [pounds sterling].
Barden, who replaced Pat O'Driscoll two months ago, said he had no regrets about his company's failure to secure a deal for Burton's.
"I wasn't disappointed," he said. "We knew what price we would have to pay to win and felt Duke Street's price wasn't warranted. We're ...