UK poultry-to-fish supplier Boparan Holdings has secured more support from investors in Northern Foods for its move to buy the Goodfella’s pizza maker.
Boparan said yesterday afternoon (16 March) that investors representing over 45% of Northern’s shares have accepted its 73p-a-share bid for Northern, which values the business at GBP342m (US$550.3m).
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Added to the shares that Boparan and its owner Ranjit Boparan already have in Northern, the company has snapped up, agreed to buy or received valid acceptances for over 70% of shares in the UK firm.
Boparan’s offer has been extended until 13:00 on 23 March. For the offer to be accepted, Boparan needs to secure 75% of the shares in Northern.
Last week, Greencore, the Irish food group that in November had announced plans to merge with Northern, decided against making a fresh bid for the business.
However, those plans were scuppered when, in January, Boparan tabled its bid for Northern and secured the backing of the Fox’s biscuit maker’s board.
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By GlobalData
