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Cases in FinanceCase Report 3Case 14: Chestnut FoodsCase Summary:Chestnut Foods was started by Otto Chestnut (Kestenbaum) in 1877 in Minneapolis. Since started, its operation proved to be successful and the fundamental growth of the company. They provide a broad range of good quality pre-packaged foods which contributed greatly to increasing its profitability. Chestnut Foods finally became public in 1979 with the leadership of Mr. Otto’s sons, Thomas and Andrew. To expand their business, they began offering shares to thepublic, thus how it became a public company. Chestnut Foods now have two different divisions, Food (frozen and pre-packaged foods production) and Instrument division (equipment manufacturing). The instrument division flourished expeditiously (at 20% rate) which contributed greatly to the company revenue growth. Part 2: Case Report QuestionsWhy is Van Muur soliciting control of Chestnut?Van Murr is soliciting control of Chestnut because he knows that an appropriate corporate