Boparan poised to take over Northern Foods
Chicken tycoon Ranjit Boparan is one step closer to clinching his takeover of biscuit and pizza giant Northern Foods.
Shareholders representing 45% of Northern Foods’ shareholders, have voted to accept Boparan’s takeover offer, which values the company at 73 pence per share.
Ranjit Boparan now has the backing of approximately 70% of Northern Foods, either through his own stake or that of Boparan Holdings Limited, or through guarantees with shareholders.
Northern Foods agreed to back the offer back in January, but it will remain open until 23 March. In a statement to the London Stock Exchange, Boparan urged Northern Foods’ shareholders to take action as soon as possible.
The way was cleared for the takeover last week, when Dublin-based sandwich company Greencore Group bowed out of the race, unable to trump Boparan’s £342m offer for the British food manufacturer.
>2Sisters in pole position for Northern Foods
>Boparan deadline extended
>Boparan takeover details outlined
>Chicken giant’s last minute offer tempts Northern