Ranjit Boparan has clinched the purchase of Northern Foods after claiming the required support of the company shareholders.
His offer became unconditional yesterday after the chicken magnate said he had secured backing from investors controlling more than 79% of the target’s share capital. Around 54% of the company’s shareholders have reportedly backed his bid, while Boparan himself owns 6.6% of the company.
The news brings to an end the long-running battle for Northern than began with the announcement of its planned merger with Greencore to create a chilled foods giant dubbed Essenta Foods.
Analysts last week suggested Greencore would need to move fast to secure a new merger partner or run the risk of itself becoming a takeover target.
Boparan, the owner of poultry group 2 Sisters, now requires approval from the competition authorities for the deal to complete.
Greencore ‘must act fast or it will become a target’ (21 March 2011)
Greencore is perplexed by offer rejection (12 March 2011)
Boparan’s grip closes on Northern (5 March 2011)