Source: MEATINGPLACE, 1/16/14


Tyson Foods is exploring a bid for Minnetonka, Minn.-based egg and dairy products distributor Michael Foods Group in a deal valued at $2 billion to $2.5 billion, Reuters reported, quoting three people familiar with the matter.

“We do not comment on rumors,” a Tyson spokesman told Meatingplace.

On the company website, Michael Foods estimates its annual net sales at over $1.5 billion and describes itself as “a leading food processor and distributor with business in egg products, refrigerated grocery and potato products.”

Brands include Papetti's, Crystal Farms, AllWhites, and Simply Potatoes, among others.

Michael Foods net sales for the quarter ended Sept. 28, 2013 were $486.9 million, up 3.4 percent from the year earlier period. Net earnings for the quarter were $10.6 million, compared to $8.7 million in 2012.

Net sales for the nine months ended Sept. 28 were $1,435.5 million, up 6.1 percent from the previous nine-month period. Net earnings for the nine months were $34.5 million, compared to $16.4 million in 2012.

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