Boparan extends Northern Foods offer deadline

MORE time has been given for Ranjit Boparan’s £342m bid for Northern Foods to be completed after yesterday’s offer deadline passed with just over 34% of Northern’s shareholders having accepted.

Leeds-based Northern Foods, which makes Fox’s biscuits and Goodfella’s pizza, agreed in January to back a bid worth 73p per share from Boparan, trumping an all-share offer from Irish food group Greencore.

West Bromwich-based Boparan Holdings said following yesterday’s 1pm deadline it had set for Northern’s shareholders to accept its offer, that it had acceptances representing 34.4% of Northern Foods shares and that its offer would now remain open until 1pm on March 16.

Boparan already held around 11% of the company and investors, representing roughly a further 23% of Northern Foods, voted in favour of the Boparan deal.

Sources believe frozen food maker Greencore is seeking a private equity partner to part-fund a higher offer, possibly including a cash element.

In a statement this morning, Greencore said: “Greencore confirms it is still considering its options in relation to Northern Foods and a further announcement will be made in due course.”