Boparan succeeds in Northern Foods takeover bid

by insidermedia.com - 24/03/2011

"More than three-quarters of Northern Foods shareholders have now accepted Birmingham entrepreneur Ranjit Boparan's £342m bid for the business."

The Harry Ramsden owner said he now needs approval from the competition authorities for the takeover to complete.

Boparan said he has now acquired, agreed to acquire or received valid acceptances for 79.52 per cent of the Leeds-based company.

The development comes after Greencore, a chilled food manufacturer based in Dublin, ruled itself out of a takeover battle earlier this month.

Boparan and Northern Foods announced they had reached agreement on a deal on 21 January. That was despite having previously supported a merger deal with Greencore. Boparan has since been gradually gaining the support of Northern Foods' shareholders to take over the business.

Boparan's cash offer was at a 61 per cent premium to the closing share price of 45.3p per share in November. The poultry tycoon is hoping to merge the business with his 2 Sisters business and delist Northern Foods.

Boparan, who is based in West Bromwich, supplies chicken products. His 2 Sisters business has 11 factories in the UK, one in Poland and one in Holland.

More Details: http://www.insidermedia.com/insider/midlands/49776-boparan-succeeds-northern-foods-takeover-bid/