Food for thought for Northern’s suitor

HARRY Ramsden owner Ranjit Boparan has been told by the Takeover Panel to make an offer for Northern Foods or walk away.

Northern Foods, parent company of North West-based Holldand Pies, confirmed last month it had received an approach via letter from Boparan Holdings asking for information about the company following suggestions Mr Boparan was ready to make a £300m bid for the firm.

Boparan has not made an offer proposal for Northern Foods and there is no certainty that any offer will be made.

Northern Foods said it welcomed yesterday’s announcement by The Panel on Takeovers and Mergers that Boparan Holdings must state its intention by January
21, in advance of the Northern Foods shareholder meeting 10 days later.

In November, Yorkshire-based Northern Foods announced plans to merge with Irish convenience food group Greencore to create a combined business called Essenta Foods.

Northern Foods chief executive Stefan Barden subsequently left the firm to join catering supplier Brakes as its UK chief executive.

In a statement yesterday, Northern Foods said: “The board continues unanimously to recommend shareholders to vote in favour of the proposed merger at the shareholder meetings on January 31.

“The board continues to believe that the proposed merger with Greencore Group to form Essenta Foods offers substantial benefits for its shareholders, customers and employees and will create a convenience foods business with a strong platform for further growth and the potential to realise significant cost savings through synergies.

Yorkshire-based Northern Foods also owns Fox’s Biscuits, which has a major production site in Preston.