Recently, a statement from the London Stock Exchange disclosed that Bakkavor declined an initial acquisition offer on 27 February. The company further rejected a revised proposal on 10 March, which valued Bakkavor at 85p per share, along with shares in Greencore.
Furthermore, Bakkavor shareholders will maintain their entitlement to the final dividend declared on 4 March, amounting to 4.8p per Bakkavor share.
In response, Greencore has indicated its intention to continue exploring all strategic opportunities. However, it has not confirmed whether it will present a third offer.
Food Manufacture has sought comments from both Greencore and Bakkavor regarding this development.
Greencore, headquartered in Dublin, is a prominent manufacturer of convenience food. The company supplies major supermarkets across the UK with a diverse array of products, including sandwiches, salads, sushi, soups, and sauces.
For the 12-month period ending 27 September 2024, Greencore reported a group revenue of £1.8 billion, partially influenced by a decline in volume related to the sale of Trilby Trading Limited. In contrast, the group’s operating profits climbed to £84.3 million.
On the other hand, Bakkavor stands as a leading player in the fresh prepared food industry, operating 20 factories and four distribution centres across the UK. The company reported revenues of £1.9 billion for its 2024 financial year.
