UK fresh prepared foods company Geest has said it has reached agreement with Bakkavor to allow the Icelandic company to carry out due diligence on Geest.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


Geest said that due diligence, based on an offer price of 655p per Geest share in cash plus a special dividend of 7p per share, is expected to be completed during February, but added that there can still be no certainty that an offer for the company will be made.


“At this value in cash, Bakkavor’s indicative offer allows us to move into due diligence and continue our discussions, which have been both business-like and friendly,” said Sir John Banham, chairman of Geest.


“It is very encouraging that we have reached this stage which allows us to enter into more detailed discussions which we hope will lead to a positive outcome,” said Agust Gudmundsson, executive chairman of Bakkavor.


Bakkavor makes chilled convenience food such as ready meals, snacks and dips, and has offices in the UK and Iceland. Its customers include major UK retailers Tesco, Marks & Spencer, Waitrose, Sainsbury’s and Somerfield.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now