Bridgford Foods emerges as a potential acquisition target
ANAHEIM, Calif. – USA Today reported that “investors are gorging on tiny Bridgford Foods,” which, in turn, has increased share values of the meat snacks/baked goods processor by 6 percent up to $9.03 in morning trading on July 8. Bridgford was declined to comment on its status as an acquistion target.
Bridgford’s last Securities & Exchange Commission filing was on May 30 when it posted a 9.3 percent revenue gain, however, it also posted a 14-cent share loss for the quarter ending April 18. Meanwhile this summer, processed food companies have been heating up takeover and merger activities. In June, Tyson Foods agreed to pay $7 .7 billion for Hillshire Brands following a bidding war with Pilgrim’s Pride. And in 2013, Shuanghi International of China acquired Smithfield Foods.
USA TODAY concludes that Bridgford may be easier to digest by potential suitors. It has a market cap of less than $100 million, and insiders – mostly the Bridgford family – have 81 percent of its 9 million shares.