By Mark Kleinman, City Editor
The owner of Penguin and Jaffa Cakes, two of the UK's best-selling snack brands, has picked a trio of banks to work on a £2bn stock market listing even as the company holds parallel talks about an outright sale.
Sky News has learnt that Nomura, the Japanese bank, was this week hired as the bookrunner on the prospective flotation of United Biscuits (UB), while Canaccord Genuity and Investec were appointed as co-lead managers.
The appointments finalise the line-up of advisers on what would be one of London's most prominent public company listings so far this year.
Goldman Sachs and JP Morgan are advising Blackstone and PAI Partners, UB's owners, on the process, and would take the most senior bank roles if the company opts to go public.
A listing has been viewed as the likelier option, with an announcement likely towards the end of October, although a final decision will depend upon the state of stock markets at the time as well as the value of formal offers received from bidders.
Ulker, a Turkish food group; Burton's Biscuits, the owner of Jammie Dodgers and Wagon Wheels, which is backed by the Ontario Teachers Pension Plan; and Kellogg, the US-based cereals giant, have all tabled offers for UB.
San Miguel Corporation, the Filipino conglomerate, has also shown interest in the company.
The biscuit-maker's board has engaged Centerview Partners, a leading independent advisory firm, to steer it through the process.
Martin Glenn, the former Pepsico and Iglo Birds Eye executive who was appointed to run UB last year, has been meeting analysts and prospective institutional investors, from whom feedback has been positive.
Mr Glenn has a strong reputation in the consumer goods industry and has focused in recent months on revitalising the core McVitie's brand with new advertising and products.
Insiders said that UB was likely to change its name to McVitie's ahead of a sale or flotation because of the widespread recognition of the biscuit brand.
UB, which also owns brands such as Mini Cheddars and Twiglets, declined to comment on Tuesday.
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