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Boporan's £340m bid for Northern creates finger-licking giant
by independent.co.uk - 15/02/2011
"Ranjit Singh Boparan – the poultry magnate who supplies chicken to KFC – has emerged victorious from a £341m battle to buy Northern Foods."
His 73p a share bid has won backing from Northern Foods, the company behind well known brands such as Fox's Biscuits and Goodfella's pizzas.
The Midlands-based food supplier said that the deal creates a "combined group which will be one of Britain's major food suppliers with a turnover of more than £2bn" and a workforce of 17,000 in the UK and overseas.
Mr Boparan, 44, who set up 2 Sisters Food Group when he was 27, has been building a stake in the company since December.
The bid values Northern Foods at £341m and is well ahead of Dublin-based Greencore's 50p-a-share bid, made in November. Mr Boparan's bid was made at 7pm on Friday after the Takeover Panel agreed to extend its 5pm deadline.
Mr Boparan and his advisers at Rothschild had been thrashing out terms with Northern's pension trustees last week but agreement on the pension scheme – which has a £142m deficit – was only reached on Friday morning.
Last year, Mr Boparan branched out from chicken when he bought the Harry Ramsden's fish and chip shop chain. This move takes him into the big league of food suppliers.
Anthony Hobson, Northern's chairman, said: "This attractive cash offer provides shareholders with an immediate premium to the value of Northern Foods. The board will be unanimously recommending that shareholders accept Boparan's offer."
Greencore is reviewing its options and analysts suggest it could increase its cash offer.
Northern Foods share price was up 2 per cent at 63p when markets closed on Friday.
More Details: http://www.independent.co.uk/news/business/news/boporans-340m-bid-for-northern-creates-fingerlicking-giant-2191848.html
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