Greencore Group (GNC.L) Friday confirmed it made two proposals to acquire Bakkavor Group through a cash and share offer. The first proposal, made on February 25 was rejected by Bakkavor's board on February 27. Greencore submitted a revised proposal on March 7, which was also declined on March 10.
Under the revised terms, Bakkavor shareholders would receive 85 pence in cash and 0.523 Greencore shares per Bakkavor share, along with the right to a 4.8 pence final dividend. The offer values Bakkavor at 189 pence per share, representing a 25 percent premium to its closing price on March 13 and a total equity value of 1.14 billion pounds.
If successful, Greencore shareholders would hold approximately 59.8 percent of the combined group, while Bakkavor shareholders would own around 40.2 percent. Greencore argues the merger would create a leading UK convenience food business with about 4 billion pounds in combined revenue and offer substantial synergies and growth opportunities.
Greencore continues to assess strategic options but emphasized there is no certainty a firm offer will be made.
GNC.L is currently trading at 186.20 pence, down 2.21 percent on the London Stock Exchange.
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