Lion to buy Picard

 Lion’s offer, which is likely to place an enterprise value of $1.94 billion or more on the business, was designed to head off rivals Bain Capital, and LBO France, who were also working on binding bids for the company, the people added.

BC and Lion declined to comment. The offer comes a week after Lion lost out in the race to acquire Unilever Plc / NV’s Italian frozen-foods unit, Findus Italy.