Greencore has remained coy about its intentions for Northern Foods, insisting only that it is considering its options after rival suitor Boparan Holdings revealed it had secured a third of the UK food company.
Irish food maker Greencore, which has seen its plans to merge with Northern derailed after the Fox’s biscuits maker’s board backed a takeover bid from Boparan, has reportedly been weighing up whether to table a fresh offer for the business with backing from private equity.
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However, Greencore’s public statements have been limited and, after Boparan said it would allow Northern shareholders to have more time to decide whether to accept its bid, the Irish company made a brief reaction.
“The board of Greencore notes the announcement by BH Acquisitions Limited [Boparan’s acquisition vehicle] relating to its cash offer for Northern Foods plc, in which it has extended its offer to 1.00 p.m. (London time) on 16 March 2011,” Greencore said this morning (3 March).
“Greencore confirms it is still considering its options in relation to Northern Foods and a further announcement will be made in due course.”
Eoin Tonge, Greencore’s group development director, declined to comment further, refusing to disclose whether the company had held talks with private-equity firms and whether it would make another offer for Northern.
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By GlobalData“We just cannot comment. We are not allowed to by the [UK’s Takeovers] Panel,” Tonge told just-food.
Greencore has until 27 March to table a fresh bid for Northern, a rival supplier to the UK’s multiple retailers.
