May 30 (Reuters) - Patties Foods Ltd PFL.AX :
* Notes that it has received a non-binding, conditional and incomplete proposal from pacific equity partners
* Patties is currently in advanced discussions with PEP
* Board of Patties determined that engaging further with PEP is in the best interests of shareholders
* Proposal for acquisition of 100% of shares in Patties via scheme of arrangement for total payments of $1.65 cash per Patties share
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