Bestfoods Down Slightly, Despite Reports of Higher Unilever Bid

Shares of Bestfoods (BFO) were down slightly Friday, despite reports that the British-Dutch food company Unilever(UN) had raised its bid for the Englewood Cliffs, N.J.-based food producer.

Bestfoods stock was off 1 3/16, or 2%, to 64 5/8 in midday trading. (Bestfoods closed down 3/4, or 1%, at 65 1/8.) Conventional wisdom would have predicted a surge in the stock price, as typically happens when companies are takeover targets.

Unilever quickly raised its offer for Bestfoods to more than $70 a share in cash, or nearly $20 billion, from $66 a share, The Wall Street Journal reported, citing unidentified people familiar with the matter. ...