Dive Brief:
- Canada's Maple Leaf Foods is not for sale and hasn't been approached by potential buyers, its CEO said in an interview with the Financial Post.
- The statement by Michael McCain came amid a frenzy of market speculation surrounding the meat processor's future in the wake of the Pilgrim's-Tyson bidding war for Hillshire Brands.
- McCain's comments come as his company moves to shed assets and focus more on its meat business. In February Maple Leaf sold its Canada Bread unit to Mexico's Grupo Bimbo.
Dive Insight:
McCain may say that Maple Leaf isn't for sale. But the truth is that either Pilgrim's or Tyson will lose in the battle to take over Hillshire. And that rejected suitor is unlikely to accept defeat. This could mean that Maple Leaf could easily attract a bid, whether or not McCain wants it -- that's why they call it a "hostile takeover."
Other alternative targets to Hillshire include Kraft's Oscar Mayer unit, Hormel, and Bob Evans Farms.