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DUBLIN - Greencore Group PLC announced Thursday it will acquire Bakkavor Group PLC in a cash and share transaction that values each Bakkavor share at 0.604 Greencore shares plus 85 pence in cash.
The acquisition, first announced on May 15, has received approval from both companies’ boards and could potentially offer additional value to Bakkavor shareholders if the company’s US business is sold, according to a circular published today.
Greencore has scheduled a general meeting for July 4 at the Maldron Hotel Dublin Airport to seek shareholder approval for the transaction, which is classified as a reverse takeover under UK Listing Rules. The meeting will also address the authorization for Greencore directors to allot new shares to Bakkavor shareholders.
Bakkavor has scheduled its court meeting and general meeting for July 7 to consider the acquisition proposal.
The transaction remains subject to various conditions, including regulatory approvals and shareholder votes. If all conditions are met, the acquisition is expected to be completed in early 2026, with a long stop date of November 16, 2026.
The circular containing details of the transaction has been approved by the UK Financial Conduct Authority and is available on Greencore’s website and the National Storage Mechanism.
Bakkavor shareholders will receive documentation regarding the scheme today, which includes notices for the upcoming court and general meetings.
This article is based on information contained in a press release statement from Greencore Group PLC.
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