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DUBLIN - Polaris (NYSE:PII) Capital Management has sold 200,000 shares of Greencore Group PLC (LON:GNC), reducing its ability to support Greencore’s proposed acquisition of Bakkavor Group PLC, according to a regulatory disclosure issued Monday.
Following the sale on June 20, Polaris now holds 20,426,215 Greencore shares, representing approximately 4.6% of the company’s issued share capital, down from the previously reported 24,126,708 shares or 5.5% stake.
The reduction affects Polaris’s irrevocable undertaking to vote in favor of the Greencore resolutions needed to approve the cash and share offer for Bakkavor, which was announced on May 15.
With this change, the total number of Greencore shares subject to irrevocable undertakings to support the acquisition has decreased to 23,680,495, representing approximately 5.4% of Greencore’s issued ordinary share capital as of June 20.
The acquisition is structured as a court-approved scheme of arrangement under Part 26 of the Companies Act 2006. The transaction would combine two major players in the prepared food manufacturing sector.
This information was disclosed in a regulatory announcement under Rule 2.10 of the UK Takeover Code, which requires public disclosure of dealings in relevant securities during an offer period.
The statement did not provide reasons for Polaris’s share sale or any potential impact on the overall approval prospects for the acquisition.
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