Sugar supplier Napier Brown Foods has agreed to an all share takeover offer from the Real Good Food Company, which would value Napier Brown at approximately £67.74m (US$117.72m).
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“Since the company’s admission to AIM [the Alternative Investment Market] in December 2003, it has been the Board’s intention to seek to broaden the company’s base into value added areas within the food industry,” said Jeremy Hamer, the senior independent director of NBF. “This offer follows our stated strategy and enables Napier Brown Foods shareholders to hold shares in a broader based food group.”
“I am delighted to announce the recommended offer for Napier Brown Foods plc,” said Pieter Totte, non-executive chairman of RGFC. “This transaction will significantly increase our critical mass and will provide us with the opportunity to build the Real Good Food Company plc into a major force in the food sector in the years ahead.”
Napier Brown also announced an operating profit of £5.9m in the 53 week period ended 3 April 2005 on turnover of £270m.
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