Chiquita Revises Proposal for Doskocil Equity Purchase

Article excerpt

Special to The Journal Record HUTCHINSON _ A revised preli- minary proposal for the purchase of an equity interested in Doskocil Companies Inc. has been received from Chiquita Brands International Inc., Hutchinson- based 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, includ- ing 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 subsidi- ary of American Financial Corp. of Cincinnati, is subject to certain condi- tions, including the consummation of a mutually acceptable plan of reorganiza- tion, 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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