May 30 (Reuters) - Patties Foods Ltd (PFL) :
- Notes that it has received a non-binding, conditional and incomplete proposal from pacific equity partners
- Patties is currently in advanced discussions with PEP
- Board of Patties determined that engaging further with PEP is in the best interests of shareholders
- Proposal for acquisition of 100% of shares in Patties via scheme of arrangement for total payments of $1.65 cash per Patties share