Nabisco Group Says It Might Get Other Bids

Nabisco Group Holdings Corp., whose shares have almost doubled since financier Carl Icahn began a takeover attempt five weeks ago, said Friday that other groups may bid for the company, its snack unit or other assets.

“We’ve received lots of interest,” said spokesman Hank Sandbach, who declined to give additional specifics.

Nabisco Group last month said it will consider options such as selling itself or its only asset: an 80.5% stake in Nabisco Holdings Corp., whose many products include Oreo cookies and LifeSavers candies.

Although Nabisco Group hasn’t said how it will proceed, analysts and investors said the holding and operating companies may be sold in separate auctions to help raise the most money. First, they said, Nabisco Group could sell the cookie and cracker business in pieces or outright to companies such as Procter & Gamble Co., PepsiCo Inc. or Groupe Danone for as much as $60 a share, or $12.8 billion. The holding company then may draw bids from R.J. Reynolds Tobacco Holdings Inc., Philip Morris Cos. or Icahn for about $22 a share, or $7.12 billion.

“I want to see us make a lot of money,” said David Dreman, chairman of Red Bank, N.J.-based Dreman Value Management, which owns more than 9 million Nabisco Group shares. Nabisco Group shares rose 44 cents to close at $17.06 on the New York Stock Exchange.