Deadline day for Northern Foods – Latest

NORTHERN Foods shareholders are waiting to see if Ranjit Boparan has made a bid for the company that could derail its merger with Greencore.

The Takeover Panel initially gave Mr Boparan until 5pm today to make clear his intentions after he made an approach to Northern Foods, the company behind brands including Fox’s Biscuits and Goodfellas pizzas, last month.

Shortly before 5pm, the Panel announced it was granting Mr Boparan a two hour extension.

In the absence of a firm offer from Boparan Holdings, Northern Foods has continued to urge shareholders to back the proposed merger with Irish convenience food group Greencore, creating Essenta Foods, announced to the stock market in November.

While Mr Boparan is thought to be keen on making an offer it is understood the potential costs associated with the Northern Food’s pension scheme has been the major stumbling block.

Stefan Barden has already left his post as chief executive at Northern Foods in the wake of the announcement of the proposed tie-up with Greencore to become UK chief executive of Brakes.

Northern Foods shareholders are due to vote on the proposed Greencore merger on January 31.