(Alliance News) - Bakkavor Group PLC on Friday responded to a takeover approach by Dublin-based convenience food maker Greencore Group PLC.
Bakkavor, a London-based 'fresh prepared' food maker, said it concluded that the potential offer "significantly undervalued the company and its future prospects."
Earlier on Friday, Greencore said its revised offer was rejected by Bakkavor on Monday.
Greencore has until April 11 to announce an intention to make an offer for Bakkavor, or to announce it does not intend to make an offer.
The offer valued Bakkavor at 85 pence and 0.523 Greencore shares per Bakkavor share. In addition, Bakkavor shareholders would have retained the right to a final dividend of 4.8p per share.
Greencore shares were down 1.2% at 188.20p in London on Friday afternoon, giving it a market capitalisation of GBP822.40 million. The stock is up 76% over the past year. Bakkavor shares were trading up 16% at 174.95p, up 72% over the last twelve months. It has a market capitalisation of GBP1.04 billion.
By Emily Parsons, Alliance News reporter; updated by Tom Budszus, Alliance News slot editor
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