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DUBLIN - Investment firm Polaris (NYSE:PII) Capital Management has sold 904,400 shares of Greencore Group PLC, reducing its ability to support Greencore’s proposed acquisition of Bakkavor Group PLC, according to a disclosure released Thursday.
Following the sale, Polaris now holds 19,209,236 Greencore shares, representing approximately 4.3% of the company’s issued share capital as of Wednesday. This marks a decrease from the 24,126,708 shares, or 5.5% stake, that Polaris initially committed to vote in favor of the acquisition when it was announced on May 15.
The reduction affects Polaris’s irrevocable undertaking to support Greencore’s resolutions related to the proposed cash and share offer for Bakkavor. Polaris will no longer be able to vote the sold shares in favor of the transaction at the upcoming Greencore shareholder meeting.
With Polaris’s reduced commitment, the total Greencore shares subject to irrevocable undertakings supporting the acquisition now stands at 22,463,516, representing approximately 5.1% of Greencore’s issued ordinary share capital.
The acquisition, which was jointly announced by both companies’ boards in May, is structured as a court-approved scheme of arrangement under Part 26 of the Companies Act 2006.
The disclosure was made under Rule 2.10 of the UK’s Takeover Code, which requires companies to disclose changes to irrevocable undertakings during an offer period.
This information is based on a regulatory announcement issued by Greencore Group PLC.
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