Northern Foods has posted the full terms and conditions of Boparan Holdings’ offer to its shareholders today (9 February).
In the offer document, BH Holdings, a Boparan subsidiary, said its 73p a share, or GBP342m (US$549m), offer for the company represents “the certainty of a full cash offer” and a “significant premium to Northern Foods’ pre-Greencore merger announcement share price and to the terms implied by the Greencore merger”.
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The poultry and fish group has trumped the manufacturer’s original plan to merge with Greencore to form Essenta Foods, a company that would generate annual sales of GBP1.7bn.
Northern’s board, which originally backed the plan to merge with Greencore, has recommended that its shareholders accept the Boparan bid.
It said that the offer will initially remain open for acceptance until 1pm on 2 March.
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