Ranjit Boparan has increased his share of Northern Foods, as the battle for control of the manufacturing giant continues to heat up.
The 2 Sisters owner announced today that he had snapped up shares representing another 4.8% of Northern. Added to his previous shareholding, the purchase takes Boparan’s stake in the maker of Goodfella’s pizza and Fox’s Biscuits to 11.4%.
The news comes after Boparan last week won the backing of the Northern board for a £342m takeover bid, valuing the group at 73p a share. The dramatic move followed a two-hour extension to the deadline initially set by the Takeover Panel.
Boparan said his bid represented a “significant premium” over the merger proposal from Greencore. The Irish group is currently considering whether to add cash to its all-share offer.
Greencore ponders cash sweetener after Northern backs Boparan bid (24 January 2011)
Boparan’s pension deal paves way for Northern bid (21 January 2011)