Irish food group Greencore has reportedly held talks with private-equity firms over a possible takeover bid for UK rival Northern Foods.
In November, Greencore announced plans to merge with Northern but the move has been scuppered by Boparan Holdings, the poultry and fish supplier that tabled a bid for the UK group last month.
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Northern’s board had supported plans to merge with Greencore but last month decided to back Boparan Holdings’ GBP342m (US$556m) all-cash takeover bid.
Since Boparan Holdings’ offer, Greencore has only said publicly that it is reviewing its options.
However, according to reports, Greencore has been in talks with private-equity firms to help fund a higher offer. One report, in The Daily Telegraph yesterday (17 February), claimed Greencore has now teamed up with one unnamed buyout house to look at a possible deal.
The Daily Telegraph said Greencore held talks with Northern’s board earlier this week. Northern granted Greencore more time to conduct due diligence on the UK group’s recent trading.
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