The UK’s Office of Fair Trading (OFT) has decided not to refer Boparan’s takeover of Northern Foods to the Competition Commission.
The competition watchdog confirmed the decision yesterday (6 March), clearing the way for Boparan Holdings to buy the Goodfella’s pizza maker.
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Boparan Holdings also said today that it has reached an agreement on the terms of a recommended cash offer for all of Northern’s ordinary share capital and that its offer has been “declared unconditional”.
A notice to the stock exchange today said that Boparan now has more than 75% of share capital, and delisting proceedures have now commenced, with trading on the official list to be cancelled and admission to trading on the listed securities list to take effect on or around 11 May.
It added that de-listing will “significantly reduce the liquidity and marketability of any Northern Foods shares not assented to the offer at that time”.
Greencore, the Irish food group that in November had announced plans to merge with Northern, decided in mid-March against making a fresh bid for the business.
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By GlobalDataHowever, 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.
