Purina Gets Takeover Offer; Suitor Undisclosed

Purina Mills Inc. announced that the company has received a takeover offer from an unidentified third party. The announcement followed a week during which shares of the St. Louis-based animal-feed producer more than doubled in heavy trading. Trading of the company’s stock was halted for several hours pending the announcement. The shares, which traded at $17.90 before trading was suspended, continued to climb when it resumed. Purina Mills shares rose 65 cents to close at $18 on Nasdaq. Purina Mills said that the proposed buyout is subject to numerous conditions, including a review of the company’s finances and approval by both parties. The name of the suitor and possible terms were not disclosed. Competitors possibly interested in acquiring Purina Mills include Archer Daniels Midland Co., Cargill Inc. and ConAgra Foods Inc., said food industry analyst Jeffrey Kanter of Prudential Securities Inc.