Greencore admits defeat on Northern Foods
Greencore's plan to table a revised bid for Northern Foods was scuppered after the Irish company failed to secure the backing of the trustees of its UK takeover target's pension fund.
Greencore has pulled out of the race to buy UK rival Northern Foods, the Ireland-based convenience food maker announced this morning (9 March).
UK poultry-to-fish company Boparan Holdings has extended the deadline for shareholders in takeover target Northern Foods to accept or reject its GBP342m (US$556.6m) bid for the business.
Irish food group Greencore has reportedly held talks with private-equity firms over a possible takeover bid for UK rival Northern Foods.
The news this morning (17 November) that Irish ready-made meals supplier Greencore and Fox's biscuits group Northern Foods are to merge has been applauded by the City.