Northern Foods agrees £342m takeover by Boparan

first_img alison.lock Friday 21 January 2011 3:34 pm whatsapp NORTHERN Foods has agreed to be taken over by businessman Ranjit Boparan in a deal worth 73p per share in cash, valuing the maker of Goodfella’s Pizza and Fox’s biscuits at £342m.In a statement, Northern Foods it withdrew support for the previously-proposed takeover by Ireland’s Greencore Group and instead recommended shareholders accept the offer from Boparan’s wholly-owned subsidiary BH Acquisitions.The offer was tabled at the eleventh hour after the Takeover Panel granted Boparan a last minute, two hour extension to his 5pm deadline today.”This attractive cash offer provides shareholders with an immediate premium to the value of Northern Foods within Essenta Foods, the proposed merger with Greencore we announced in November 2010,” said Northern Foods chairman Anthony Hobson.“Today’s bid from Boparan is a compelling opportunity for our shareholders to realise a cash exit, and as such the Board of Northern Foods will be unanimously recommending that Northern Foods Shareholders accept Boparan’s offer.” Northern Foods’ shares closed at 63p, up four per cent, valuing the business at just under £300m.Reports earlier in the day said Boparan, who also owns the Harry Ramsden’s fish and chips chain, had reached an agreement with trustees of Northern Foods’ pension scheme, clearing the way for him to bid for the company.Sources said the deal would see over £15m paid into the scheme each year under a takeover by Boparan.“The combined group will be one of Britain’s major food suppliers with a turnover of more than £2bn,” said Boparan. Boparan’s original approach came after Northern Foods had agreed to merge with Ireland’s Greencore to create a new company called Essenta Foods.Greencore had offered to pay 0.4479 new shares per Northern Foods share, equivalent to around 50p per share at current prices and valuing Northern Foods at about £236m. Northern Foods agrees £342m takeover by Boparan Sharecenter_img More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search Ads Show Comments ▼ whatsapp Tags: NULLlast_img read more