Finnish food group Raisio, who owns the Benecol brand, has made a EUR 22.8m (US$ 31.4m) bid to acquire UK snack manufacturer Glisten. The offer values Glisten at EUR1.61 a share, which equates to around 62% more than the UK firm's share price when the market closed yesterday on 9 February. A meeting of Glisten shareholders to vote on the bid will be held on 12 March.

Glisten CEO Paul Simmonds said merging with Raisio will be "the right path for the business to take now.The fit in terms of ambitions, skills and capabilities is excellent and both parties will bring something to the other, not least in access to market, branding, and product development. We look forward to working within the Raisio team to develop Glisten's position as one of the best snacking businesses in Europe."

Raisio CEO Matti Rihko said Glisten "fits extremely well" with his company's business and growth strategy.The acquisition provides both companies good opportunities for growth in the UK market as well as in Raisio's existing market areas by combining synergies of brands and products,"

Leeds-based Glisten, employs around 650 staff, and sells the Fruitus and Dormen's confectionery and snacks brands.

Should Raisio's EUR22.8m bid for Glisten go through, it will be the Benecol brand-owner's first physical presence in the UK.

Senior management at Glisten will remain at the business, with CEO Paul Simmonds and finance director Rob Davies holding a 15% stake in Bidco, the entity Raisio set up to buy the snacks maker. Bidco will be renamed Raisio UK.