Greencore is facing a new takeover tussle as it bids to gain control of debt-hit sandwich maker Uniq.
The Irish convenience food group, which lost out to Ranjit Boparan in the battle for Northern Foods, faces opposition from pork pie maker Samworth Brothers in the race to Uniq.
The news comes after Uniq was put up for sales by the trustees of its pension fund, which was given control of the company in an innovative deal designed to address its crippling pension deficit.
The trustees hope to realise a value of around €120m (£106.9m) for the business.
But Julian Wild, a corporate finance partner at Rollits, told The Grocer’s sister publication Food Manufacture “now is not a good time to be trying to sell the Uniq business”.
“I don’t think the business is performing brilliantly and now is a very difficult time to be selling a business and trying to optimise value,” he warned.
Profits slip as Greencore ponders life without Northern (24 May 2011)
Uniq shareholders give blessing to pension scheme handover (25 February 2011)