Ranjit Singh Boparan has extended his deadline to complete a deal for Northern Foods by a fortnight.
The 2 Sisters owner has secured guarantees from shareholders that, added to his own stake, represent around 34% of the manufacturer’s share capital.
He requires the backing of more than 75% of the company’s shareholders to complete his £342m cash offer for the Goodfella's maker.
The news comes with Greencore hunting for a private equity partner to bolster its all-share offer for the company.
Greencore’s merger bid to create a new company dubbed Essenta Foods was previously approved by the Northern board, prior to Boparan’s intervention in January.
Greencore poised to re-enter battle for Northern (18 February 2011)
Bargain hunting: buyers eye cut-price M&A bonanza (5 February 2011)
Northern gives Greencore more time to improve bid (31 January 2011)