The ‘put up or shut up’ (PUSU) deadline was initially extended to 5 PM on 9 May, following the realization that a comprehensive agreement would not be finalized by the original deadline of 5 PM on 11 April.
This comes after the Bakkavor board accepted a provisional acquisition offer from Greencore valued at approximately £1.2 billion in early April.
However, in response to a request from the Bakkavor board, the Panel on Takeovers and Mergers has approved an extension of the PUSU deadline until 5 PM on 23 May. This extension aims to facilitate ongoing discussions about the offer’s terms and conditions and to complete necessary due diligence processes.
Additionally, a further extension may be granted, contingent upon the panel’s consent.
According to a statement from Bakkavor released to the London Stock Exchange, there is “no certainty that any firm offer will be made.”
When the deadline was first extended, Bakkavor Chief Executive Mike Edwards remarked, “We’re not there yet, but if it goes ahead the deal would be brilliant for the business and its colleagues, customers, and other stakeholders.”
“This merger would unite two outstanding businesses, harnessing the best talent in the industry and adopting a ‘best of both approach’ to enhance performance across all levels.”
“We anticipate creating more opportunities for our employees, delivering even better service to our customers, and increasing our investment in innovation and growth. I am excited that our shareholders will retain a significant stake in the future group, and our founders, Agust and Lydur Gudmundsson, will hold positions on the Board.”
“In the meantime, this does not alter our day-to-day operations as we remain committed to driving the business’s performance and providing excellent service to our customers.”
