Cranswick in talks over potential acquisition of pet food business

Food producer Cranswick confirmed on Wednesday that it is currently engaged in a process regarding the potential acquisition of UK pet food business Inspired Pet Nutrition Limited, which owns the Harringtons and Wagg brands.

The FTSE 250 company said that if successful, it plans to part-finance the acquisition via an equity placing of less than 10% of issued share capital to investors.

"In line with the company's stated long-term growth strategy to expand its product offering through further diversification, Cranswick regularly considers acquisition opportunities," it said.

Cranswick added that there can be no certainty the acquisition will progress and said it will make a further announcement if and when appropriate.

At 1315 GMT, the shares were up 1.3% at 3,520p.