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DUBLIN - Investment firm Polaris (NYSE:PII) Capital Management has sold 312,579 shares in Greencore Group PLC (LSE:GNC), reducing its ability to support the food company’s proposed acquisition of Bakkavor Group PLC, according to a regulatory disclosure released Tuesday.
Following the sale, Polaris now holds 20,113,636 Greencore shares, representing approximately 4.6 percent of the company’s issued share capital as of Monday. This marks a further reduction from the 24,126,708 shares (5.5 percent stake) Polaris initially committed through an irrevocable undertaking to vote in favor of Greencore’s resolutions at the upcoming shareholder meeting.
The latest transaction follows a previous reduction announced on June 23, when Polaris’s holdings decreased to 20,426,215 shares.
Greencore and Bakkavor announced on May 15 that they had reached agreement on terms for a cash and share offer by Greencore for the entire issued and to be issued ordinary share capital of Bakkavor. The acquisition is set to be implemented through a court-approved scheme of arrangement under the Companies Act 2006.
With Polaris’s reduced position, the total number of Greencore shares subject to irrevocable undertakings now stands at 23,367,916, representing approximately 5.3 percent of Greencore’s issued ordinary share capital.
The disclosure was made under Rule 2.10 of the UK’s Takeover Code, which requires companies to disclose changes to information previously announced during an offer period.
This information is based on a regulatory announcement issued by Greencore Group.
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