Boparan Starts Delisting of Northern Foods
Boparan Holdings has started the process of delisting Northern Foods’ shares from the London Stock Exchange after its £340m offer for the UK convenience food company was declared unconditional in all respects. It is anticipated that cancellation of the listing will take effect on or around May 11th 2011. Northern Foods will then be re-registered as a private limited company.
As Boparan, which incorporates the 2 Sisters poultry group, owns or is in receipt of valid acceptances in respect of more than 75% of the existing issued share capital of Northern Foods, the offer had been declared unconditional as to acceptances on March 23rd. Boparan has since received clearance from the Irish Competition Authority for the acquisition which includes Ireland-based pizza producer Green Isle Foods.
The acquisition of Northern Foods will increase Boparan’s turnover to more than £2b and transform the enlarged group into one of the biggest players within the British convenience foods market. Indeed, the combined Boparan Group/Northern Foods business will rival Premier Foods as the UK’s largest domestic food processor.
