RB Receives 'RedHot' Valuation for Food Assets; Modestly Raising FVE
RB realized a valuation for its food business that was materially above our estimate, and we are raising our fair value estimate to GBX 7,400 per ordinary share from GBX 7,300. The food assets, which include French's mustard and Frank's RedHot sauce, will be sold to McCormick for a whopping $4.2 billion (GBP 3.2 billion). This disposal will help to finance the $17 billion acquisition of Mead Johnson, the catalyst for our recent economic moat rating upgrade to wide from narrow. The deal does not...
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