Bakkavor rejects two Greencore takeover bids [Yahoo! Finance]
GREENCORE GROUP PLC S/ADR (GNCGY)
NASDAQ:AMEX Investor Relations:
greencore.com/investor-relations
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Source: Yahoo! Finance
Ireland-based Greencore today (14 March) revealed it had tabled the offers for Bakkavor in the last fortnight. The most recent bid, put forward on 7 March, was a mix of cash and shares and valued Bakkavor at £1.14bn ($1.47bn). Under the terms of the offer, Greencore shareholders would own around 59.8% of the new company, with Bakkavor investors holding the remainder. Greencore said bringing the two own-label suppliers together would create “a leading UK convenience-food business”. The combined group would have “a diverse product offering, strong commercial relationships and market-leading capabilities in attractive segments across the UK convenience food landscape”, it added. Just Food has approached Bakkavor for comment. Shares in the publicly-listed business were up 18.54% on the day at 179p by 14:58 GMT. Greencore said its second offer for Bakkavor implied a valuation of its target at 189p a share, including a “final dividend” that was part of the bid. The company sa
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