Boparan Given Northern Foods Offer Deadline
The British Panel on Takeovers and Mergers has ruled that Boparan Holdings, controlled by food business entrepreneur Ranjit Singh Boparan, must make an offer for Northern Foods or confirm that it does not intend to make an offer by January 21st 2011. The decision follows Boparan’s announcement on December 22nd last that it was considering a possible offer for Northern Foods.
The boards of Northern Foods and Greencore Group, which have already recommended an all share merger of the two convenience food groups to create Essenta Foods, have welcomed the Panel’s decision to set a timetable to clarify Boparan’s intentions.
If Boparan confirms that it does not intend to make an offer for Northern Foods then it is precluded from making any further approach for six months. The shareholders of Northern Foods and Greencore are due to meet on January 31st to decide upon the merger.
