Sky News learned that after the bidding war, Endless is in advanced consultations to buy bread maker Hovis.
On Wednesday morning, other bidder New Rat Food issued a statement saying that they were drawn from consultations and would only continue if they were the sole stakeholder.
The deal may be confirmed as early as this week.
Owned by Premier Foods (LON: PFD) and US investment company Gores Group, Hovis is a 134-year-old company employing 2,800 people across the UK. As consumers stockpiled, sales at the brands skyrocketed on the lockdown.
Although not confirmed, it is estimated that shareholders are expecting a £100 million deal with the brand.
Newlat joined Hovis’ bidding process a month ago, saying on their website: “Newlat Food is waiting for feedback from Hovis shareholders.
In a statement released Wednesday afternoon by Hovis owner Premier Foods, the company said, “We can confirm that the sales process for potential transactions relating to Hovis is ongoing, but there is no certainty that the transaction will be over. The group will provide updates in time, if necessary.”
