Greencore on cusp of acquiring Bakkavor for £1.2bn [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 said today (2 April) that Bakkavor's board has indicated that "the key financial terms represent a value that it would be minded unanimously to recommend" the deal to its shareholders. London-listed Greencore revealed in March that it had made two takeover bids for UK-based Bakkavor but both and been turned down. The second of those valued the business at £1.14bn but Bakkavor, which is also listed in London, said the offer “significantly undervalued” the private-label supplier of ready meals and desserts to major UK supermarkets. In a stock-exchange filing today, Greencore said the latest bid “implies” a 200 pence per share valuation for Bakkavor, based on Greencore's “undisturbed” closing share price on 13 March, the last day before the offer period commenced. That valuation includes a final dividend payment equating to the takeover offer of £1.2bn. At 200p a share, Greencore added the offer represents a 32.5% premium over Bakkavor's closing share p
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