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LONDON - Polaris (NYSE:PII) Capital Management has reduced its stake in Greencore Group PLC (LSE:GNC) to 4.8% from 4.9% by selling 378,008 shares, according to a disclosure released Tuesday under Rule 2.10.
The sale affects Polaris’s previously announced irrevocable undertaking to vote in favor of Greencore’s resolutions related to its proposed acquisition of Bakkavor Group PLC (LSE:BAKK). Following the transaction, Polaris now holds 21,226,215 Greencore shares.
The reduction follows a previous decrease announced Monday, when Polaris’s stake fell to 4.9% from 5.5%.
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 to be implemented through a court-approved scheme of arrangement under the Companies Act 2006.
Despite Polaris’s reduced position, the total number of Greencore shares subject to irrevocable undertakings remains at approximately 5.5% of Greencore’s issued ordinary share capital as of Monday’s close of business.
The announcement was made in accordance with regulatory disclosure requirements following the recommended acquisition agreement between the two food manufacturing companies.
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