Boparan edges closer to Northern Foods takeover

WEST Bromwich entrepreneur Ranjit Boparan has edged closer to completing his takeover of Leeds-based Northern Foods after Greencore decided it would not make a fresh offer for the firm.

Boparan Holdings has increased its stake in the firm to almost 25% and has the backing of just over 48% of Northern Food shareholders for the deal.

In a statement last night following Greencore’s decision, the Boparan and Northern Foods boards urged shareholders to accept the Harry Ramsden owner’s 73p per share offer which values the company at £342m.

Irish food firm Greencore had tried to assemble a deal which would have seen it acquire Northern Foods but simultaneously sell on parts that it did not feel would fit within the new business.

• Latest Northern Foods  and Greencore  share price and historic data – click here

However, it admitted yesterday it had not been able to construct an offer that could match the appeal of the Boparan bid leaving the way clear for the man who bought the iconic fish and chip brand last year.

Shareholders have until March 16 to accept the Boparan offer.