Newspaper article THE JOURNAL RECORD

Chiquita Revises Proposal for Doskocil Equity Purchase

Newspaper article THE JOURNAL RECORD

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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