Thai food producer CP Foods preparing Birds Eye bid

Iglo Group, which owns Birds Eye as well as Findus in Italy, appointed Credit Suisse to kick-start an auction in March after receiving a number of unsolicited takeover approaches.

The company, which was previously bought out of Unilever by Permira five years ago, has since seen interest from private equity investors Blackstone and BC Partners, but The Sunday Times reports that Bangkok-based CP Foods is preparing a takeover. First round bids were submitted on Friday.

Birds Eye fish fingers are a staple in households across the UK In April Iglo posted a 7pc growth in EBITDA during 2011, prompting chief executive Martin Glenn to proclaim last year as the "best year yet". It had previously registered 8pc profit growth during every year since 2008.

CP Foods was founded as a seed retailer catering for farmers but has diversified into telecommunications, food production and retail and now employs more than 200,000 staff. It is listed on the Stock Exchange of Thailand.