Findus largest senior debt holders snub Triton takeover proposal

The lead group of senior debt holders in Findus Group has recommended a proposal from the mezzanine debt holders in the business over the offer from buyout fund Triton Partners, sources told IntraFish.

Lion, which has teamed up on the offer to the senior debt holders with fellow mezzanine debt holders JP Morgan and Highbridge, has won approval from the corporate committee of lead banks in the senior debt consortium, a source close to Lion told IntraFish.

This means the corporate committee of Young’s Seafood parent Findus -- led by GSO, JPMorgan, Nordea, RBS, Societe Generale and Lion itself -- will recommend the mezzanine proposal to the other senior debt holders, which make up 66 percent of the total senior debt holding.

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