14th Mar 2025 14:28
(Alliance News) - Greencore Group PLC on Friday confirmed, in response to recent media speculation, that it has made two takeover offers to Bakkavor Group PLC within the past month.
The Dublin-based convenience food maker said the first proposal was made on February 25, then rejected by the Bakkavor board on February 27.
Greencore's second, revised offer to Bakkavor valued the London-based 'fresh prepared' food maker at 83 pence and 0.523 Greencore shares per Bakkavor share. In addition, Bakkavor shareholders would have retained the right to a final dividend of 4.8p per share.
Inclusive of the dividend, therefore, the revised offer implied a total valuation of 189p per share, a 25% premium to Bakkavor's closing price on Thursday.
The revised offer was rejected by Bakkavor on March 10.
Greencore shares were down 0.7% at 189.12p in London on Friday. The stock is up 77% over the past year. Bakkavor shares were trading up 17% at 176.81p on Friday, up 73% over the last twelve months.
"The enlarged group would create a leading UK convenience food business with a combined revenue of around GBP4 billion, with a diverse product offering, strong commercial relationships and market-leading capabilities in attractive segments across the UK convenience food landscape," commented Greencore.
"Greencore will continue to evaluate all strategic opportunities, including Bakkavor. There can be no certainty that a firm offer will be made."
By Emily Parsons, Alliance News reporter
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