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LONDON - Bakkavor Group PLC, a leading provider in the fresh prepared food sector, has turned down a conditional proposal from Greencore Group PLC to acquire all of its issued and to be issued share capital. The Board of Bakkavor, after consulting with its financial advisors, concluded on Friday that the proposition significantly undervalued the company and its prospects, leading to a unanimous decision to reject the offer made on Monday.
Greencore, a manufacturer of convenience foods, is now bound by a deadline of 5:00 pm (London time) on April 11, 2025, to either confirm its intention to make a firm offer in compliance with the City Code on Takeovers and Mergers or to declare that it will not pursue the acquisition, as per Rule 2.6(a) of the Code. This deadline is subject to extension only with the consent of the Takeover Panel, according to Rule 2.6(c).
This development follows an announcement by Greencore about its interest in Bakkavor, which has now been publicly addressed by Bakkavor’s Board. The statement from Bakkavor underscores the uncertainty of the situation, noting that there is no guarantee that Greencore will proceed with an offer.
The news comes amid a backdrop of consolidation in the food industry, as companies aim to bolster their market positions through strategic acquisitions. Bakkavor’s rejection highlights the careful consideration companies must give to such proposals, ensuring that the interests of shareholders and the company’s future are adequately represented.
The information in this article is based on a press release statement from Bakkavor Group PLC, providing insight into the ongoing discussions between the two companies and the regulatory framework governing potential takeover bids within the UK market.
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