Greencore revealed today (15 February) that it is still considering whether it would up its offer for Northern Foods, after its plan to merge with the UK food group was trumped by Boparan Holdings.
The manufacturer confirmed its position in an announcement to the London Stock Exchange today, saying that it is “still considering its options”, adding that it would make a further announcement in due course.
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Boparan Holdings tabled a GBP342m (US$551m) bid for Northern Foods on 21 January, which led to the UK group’s board withdrawing its support for its planned merger with Greencore. In November, Northern and Greencore announced plans to create Essenta Foods, a company that would generate annual sales of GBP1.7bn.
Boparan Holdings subsidiary BH Holdings sent Northern shareholders the full conditions of its offer last week, where it said that its offer for the company represented the “certainty of a full cash offer” and “a significant premium to Northern Foods’ pre-Greencore merger announcement share price and to the terms implied by the Greencore merger”.
