The Boards of Greencore and Bakkavor said they have agreed the terms of a recommended acquisition of Bakkavor at a base consideration, comprising 0.604 new Greencore shares and 85 pence in cash, which values each Bakkavor share at 200 pence. The offer value implies Bakkavor's entire issued and to be issued share capital is valued at approximately 1.2 billion pounds. The transaction would create a UK convenience food business with a combined revenue of approximately 4 billion pounds.
Immediately following completion, it is expected that Greencore shareholders will own approximately 56 percent and Bakkavor shareholders will own approximately 44 percent of the combined Group.
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