Greencore's latest bid “significantly undervalues” Bakkavor, target says [Yahoo! Finance]
GREENCORE GROUP PLC S/ADR (GNCGY)
NASDAQ:AMEX Investor Relations:
greencore.com/investor-relations
Company Research
Source: Yahoo! Finance
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”. UK-based Bakkavor rejected the second offer on Monday. In a statement today responding to Greencore's disclosure of its bids, Bakkavor described the offers as “unsolicited, conditional, cash-and-share proposals”. The company added: “The board of Bakkavor, together with its financial advisers, carefully evaluated the latest proposal and concluded that it significantly undervalued the company and its future prospects.” 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 added the offer represented
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