Northern Foods has postponed today's shareholder meeting to vote on its proposed merger with Greencore, following a request from the Irish convenience group.
The manufacturer’s shareholders were due to vote today whether to go ahead with the tie-up to create Essenta Foods. But the meeting has been postponed until further notice, as Greencore ponders whether to improve its all-share bid.
The news comes after Northern’s board earlier this month gave its backing to an eleventh-hour cash bid from poultry magnate Ranjit Singh Boparan, valuing Northern at £342m. The 2 Sisters owner has until 19 February to post offer documents to shareholders.
Greencore said last week that it was evaluating its options in light of Boparan’s bid, but an improved offer is far from certain.
Can Greencore still win a pizza the action after Boparan bid? (analysis; 29 January 2011)
Editor's Comment: There are major question marks over the risks for Boparan (29 January 2011)
Boparan grows Northern stake to heap pressure on Greencore (25 January 2011)