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INVESTMENTS
 6 Months Ended
Oct. 27, 2013
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS
INVESTMENTS 
Investments consist of the following:
 
 
 
 
Successor
 
Predecessor
Equity Investment
 
% Owned
 
October 27,
2013
 
April 28,
2013
 
 
 
 
(in millions)
Campofrío Food Group (CFG)
 
37%
 
$
349.9

 
$
376.2

Mexican joint ventures
 
50%
 
122.1

 
129.6

Other
 
Various
 
27.8

 
26.6

Total investments
 
 
 
$
499.8

 
$
532.4

 
We record our share of earnings and losses from our equity method investments in (income) loss from equity method investments. Some of these results are reported on a one-month lag which, in our opinion, does not materially impact our consolidated condensed financial statements.
As of October 27, 2013, we held 37.8 million shares of CFG common stock. Shares of CFG are publicly traded on the Bolsa de Madrid Exchange (Madrid Exchange). Our investment in CFG contractually entitles us to two seats on CFG's 9-person board of directors, giving us the ability to exert significant influence over the strategic and operational decisions of our investee. The stock is very thinly traded on the Madrid Exchange. CFG is a closely held company, with the three largest shareholders owning approximately 74% of the outstanding shares. We are CFG's largest shareholder, with approximately a 37% interest.
As discussed in Note 2—Merger and Acquisition, we performed a preliminary allocation of the total purchase consideration from the Merger between the assets acquired and liabilities assumed by Shuanghui, including our investments. In assessing the fair value of our investment in CFG, we considered a variety of information, including CFG’s history of positive cash flows, expectations about the future cash flows of CFG, market multiples for comparable businesses, and an influence premium applied to the market price of CFG's shares on the Madrid Exchange to adjust for our contractual right to two board seats and our ability to exert significant influence over the operational and strategic decisions.
In November 2013, Mexican processed meats producer Sigma Alimentos (Sigma) announced its intention to tender for all of CFG’s outstanding shares at a bid price of €6.80 per share (the Bid Price). As part of the announcement, Sigma publicly acknowledged that it has obtained commitments to purchase approximately 44.5% of CFG's outstanding shares at the Bid Price. The Bid Price offered by Sigma was also considered in our fair value assessment discussed above. We, along with Shuanghui, are currently weighing our options and no decision has been made regarding Sigma’s offer.
(Income) loss from equity method investments consists of the following:
 
 
 
 
Successor
 
Predecessor
 
 
 
 
September 27 - October 27,
2013
 
July 29 - September 26,
2013
 
Three Months Ended
Equity Investment
 
Segment
 
 
 
October 28,
2012
 
 
 
 
(in millions)
CFG (1)
 
International
 
$
(0.1
)
 
$
(0.3
)
 
$
(1.3
)
Mexican joint ventures
 
International
 
(1.4
)
 
(0.9
)
 
(5.9
)
All other equity method investments
 
Various
 
0.3

 
—

 
0.5

Income from equity method investments
 
 
 
$
(1.2
)
 
$
(1.2
)
 
$
(6.7
)
 
 
 
 
Successor
 
Predecessor
 
 
 
 
September 27 - October 27,
2013
 
April 29 - September 26,
2013
 
Six Months Ended
Equity Investment
 
Segment
 
 
 
October 28,
2012
 
 
 
 
(in millions)
CFG (1)
 
International
 
$
(0.1
)
 
$
(0.4
)
 
$
(1.4
)
Mexican joint ventures
 
International
 
(1.4
)
 
2.1

 
(5.5
)
All other equity method investments
 
Various
 
0.3

 
(1.2
)
 
(0.5
)
(Income) loss from equity method investments
 
 
 
$
(1.2
)
 
$
0.5

 
$
(7.4
)
——————————————
(1) 
CFG prepares its financial statements in accordance with International Financial Reporting Standards. Our share of CFG’s results reflects U.S. GAAP adjustments and thus, there may be differences between the amounts we report for CFG and the amounts reported by CFG.