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DUBLIN - Investment firm Polaris (NYSE:PII) Capital Management has sold 400,000 shares of Greencore Group PLC (LON:GNC), reducing its stake in the company to 4.7% ahead of a shareholder vote on Greencore’s proposed acquisition of Bakkavor Group PLC (LON:BAKK).
According to a regulatory disclosure published Thursday, Polaris now holds 20,626,215 Greencore shares, down from 21,026,215 shares reported on June 18. The firm had previously provided an irrevocable undertaking to vote in favor of the acquisition.
The sale reduces the total number of Greencore shares subject to irrevocable undertakings supporting the transaction to 23,880,495, representing approximately 5.4% of Greencore’s issued ordinary share capital as of June 18.
On May 15, Greencore and Bakkavor announced an agreement on the terms of a cash and share offer by Greencore for the entire issued and to be issued ordinary share capital of Bakkavor. The transaction is to be implemented through a court-approved scheme of arrangement under the Companies Act 2006.
Polaris remains committed to voting its remaining shares in favor of the Greencore resolutions at the upcoming shareholder meeting, despite the reduction in its holdings.
The disclosure was made in accordance with Rule 2.10 of the UK’s Takeover Code, which requires public disclosure of dealings in relevant securities during an offer period.
This information is based on a regulatory press release statement from Greencore Group PLC.
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