£1.2bn ready meals deal delayed as giants push back deadline

The deadline for ready meals giant Greencore to make an offer for rival Bakkavor has been extended, meaning the proposed £1.2bn deal could rumble on into next month

London Stock Exchange (LSE) rules originally deemed that Greencore had until 5pm today (April 11) to submit its bid for Bakkavor. However, in a statement this morning, Bakkavor said this, with the permission of the LSE, has been pushed back to 5pm on May 9.

Bakkavor said it could apply for further extensions if needed.

Ready-meal and food-to-go supplier Greencore, which has a major base in Worksop, looked to have agreed a £1.2bn deal to take over rival Bakkavor, which has sites across the East Midlands.

The deal, if voted through by shareholders, would see Greencore shareholders own around 56% and Bakkavor shareholders approximately 44% of the combined group.

The new company would have a combined revenue of £4bn.

Bakkavor said in a statement this morning: “There can be no certainty that any firm offer will be made. A further announcement will be made if and when appropriate.

“This announcement has been made with the consent of Greencore.”