‘Business Viking' brothers in line for millions from ready-meal deal [Yahoo! Finance]
GREENCORE GROUP PLC S/ADR (GNCGY)
NASDAQ:AMEX Investor Relations:
greencore.com/investor-relations
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Source: Yahoo! Finance
The Gudmundsson brothers, who founded Bakkavor in 1986, are cashing in after striking a £1.2bn deal with Greencore, which will create a new food-to-go giant worth £4bn. Under the terms of the deal, Lýdur and Ágúst Gudmundsson will receive 177m shares in the new group alongside their £250m cash payout. The news of the deal comes after months of speculation over a merger between the two London-listed companies. Bakkavor previously rejected two approaches from Greencore, with the board claiming last month that an earlier £1.14bn offer had “significantly undervalued” the business. Together, the food manufacturers produce sushi, ready meals , sandwiches, dips, hummus and salads for Britain's biggest supermarkets, including M&S, Sainsbury's and Tesco. It will, however, come as a significant turning point for Bakkavor, which only joined the London Stock Exchange in 2017. The listing had been seen as a crucial moment for the Gudmundsson siblings, who had set the company up as a b
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