Bridgepoint Capital, the UK private equity house, is close to succeeding in its bid to take WT Foods, the ethnic foods supplier, private for 47p per share.

The private equity firm is just 2% off the 90% required under UK takeover regulations to squeeze out minority shareholders. The offer deadline has been extended to November 12. The offer values WT Foods at £71m (€114m). In July, Bridgepoint Capital had considered offering 52p per share to back the public-to-private transaction, but at the time was thought to be overpriced. Bridgepoint Capital has already invested in the food sector, including the £156.5m secondary buy-out of Golden Wonder, the UK savoury snack manufacturer, in July 2000.