Boparan Now Holds 34% of Northern Foods as Offer Deadline Extended
Boparan Holdings, headed by chicken business entrepreneur Ranjit Singh Boparan, now controls more than a third of Northern Foods, the leading UK convenience food group. On January 21st 2011, Boparan made a £342m offer for Northern Foods, which was recommended by the board of Northern Foods in preference to an earlier offer by Greencore involving an all share merger of equals.
By the end of January, Boparan, which had already assembled a 6.6% stake in Northern Foods prior to its offer, had increased its shareholding to 11.4%. Boparan now has in aggregate acquired or agreed to acquire or received valid acceptances representing approximately 34.4% of Northern Foods’ shares. Boparan has extended its offer deadline from March 2nd until 1.00 pm on March 16th 2011.
The board of Greencore has noted the announcement by Boparan relating to its cash offer for Northern Foods and the extension of the deadline. Greencore has confirmed it is still considering its options in relation to Northern Foods and a further announcement will be made in due course.
Greencore has been reported to have been seeking a partner to make an improved offer for Northern Foods with a cash element involved. It is understood to have held discussions on this matter with a number of major food groups and private equity firms.
