Tasty Bite Eatables zooms 20% on open offer by parent

Tasty Bite's US parent and Kagome, Japan have made an open offer to acquire 25.78% of the company

Tasty Bite Eatables is locked at the upper circuit of 20% at Rs 770 on the BSE after the company announced that its parent company has entered into strategic investment transaction with leading Japanese food company, Kagome.

"Preferred Brands International Inc., the parent company of Tasty Bite Eatables, has entered into a strategic investment transaction with a leading Japanese food company, Kagome Co,” the company said in a statement.

Meanwhile, Kagome Co. Ltd along with Preferred Brands International Inc. have made an open offer to public shareholders to acquire 661,490 equity shares representing 25.78% to total equity of the company at price of Rs 655.57 per share.

As of December 2014, Preferred Brands Foods India Pvt Ltd, the promoter held 74.22% stake, while the remaining 25.78% are with the individual shareholders (23.77%) and bodies corporate (1.41%).

The stock opened at Rs 719 and touched a low of Rs 715 on the BSE. Till 0954 hours, around 625 shares changed hands and there are pending buy orders for 18,736 shares on the BSE.