Chiquita Revises Proposal for Doskocil Purchase

Article excerpt


Special to The Journal Record

HUTCHINSON - A revised preliminary proposal for the purchase of an equity interested in Doskocil Companies Inc. has been received from Chiquita Brands International Inc., Hutchinsonbased Doskocil said Thursday.

Chiquita is now proposing to acquire a substantial majority of Doskocil. A proposal received from Chiquita in April was for a minority equity interest.

"The terms of the proposal remain preliminary in nature and are subject to substantive negotiations among the parties," Doskocil said in a statement issued Thursday.

Doskocil and its subsidiaries, including Wilson Foods Corp. of Oklahoma City, filed for protection under Chapter 11 of the Bankruptcy Code on March 5, 1990. Doskocil acquired Wilson in a hostile takeover in October 1988.

The proposal by Chiquita, a subsidiary of American Financial Corp. of Cincinnati, is subject to certain conditions, including the consummation of a mutually acceptable plan of reorganization, Doskocil said.

The Doskocil board of directors has not met to discuss the proposal and would only do so after the company and its advisors have completed a thorough analysis of the proposal, the company said in the statement. …


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