Bakkavor gives Greencore more time to dish out £1.2bn takeover bid
Bakkavor has extended the deadline for Greencore to make an offer for the convenience-foods maker once again.
Earlier in April, the two companies announced they had reached a preliminary agreement on a £1.2bn cash-and-shares offer after Bakkavor turned down two previous bids.
In their statement, both parties confirmed that Bakkavor’s board would be inclined to recommend the new offer to its shareholders if Greencore expressed a firm intention to bid.
Originally, Greencore was required to make a firm offer by 11 April, but with the latest extension, the deadline is now set for 23 May.
The UK Panel on Takeovers and Mergers has approved this delay, with the possibility of further extensions depending on the circumstances.
Under the proposed agreement, Greencore would control 56% of the combined group, while Bakkavor shareholders would retain the remaining stake.
The new company would have a combined revenue of £4bn.
Bakkavor is known for producing ready meals and desserts for major retailers such as Tesco, Sainsbury’s, and M&S. In 2024, it generated over 80% of its £2.29bn revenue in the UK.
Greencore, based in Dublin with a key hub in Worksop, produces ready meals and food-to-go across 16 UK factories. In its most recent financial year, Greencore reported £1.81bn in revenue.
