Northern Foods offer deadline extended

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

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.

In an update, Greencore said it was “still considering its options” in relation to Northern Foods and a further announcement would be made in due course.

Boparan Holdings said following Wednesday’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 Greencore is seeking a private equity partner to part-fund a higher offer, possibly including a cash element.