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Greencore mulls bid for Uniq
by Jonathon Sibun - 02/05/2011
"Greencore, the Irish food group that earlier this year failed in its efforts to merge with Northern Foods, is studying a potential bid for embattled rival Uniq. "
The Dublin-based company is working with advisers at Barclays Capital to examine a possible acquisition of all or part of Uniq in a deal that would probably value the food group at close to £100m. The bank is working with the Irish company on a range of consolidation options.
Uniq was effectively put up for sale last month after a restructuring that put the food group's pension fund trustees in control of the company. The trustees appointed corporate finance boutique Spayne Lindsay to advise on options for the sandwiches and chilled food group and the company has already received expressions of interest from a number of potential buyers. However, it remains unclear whether Greencore is one of them.
Uniq's trustee board said it intended "to undertake a process to realise all or part of its shareholding in the company".
Greencore's chief executive, Patrick Covenay, who won shareholder approval for a merger with Northern Foods, is keen to pursue other opportunities.
The food-to-go business at Uniq is well regarded, but its desserts division is facing challenges and it remains unclear whether Greencore would want to acquire all of the company.
Uniq last week reported a full-year pre-tax loss of £11.2m, but warned of a tough outlook due to rising commodity prices. The company's revenues rose 7pc to £312m and the bottom line result came against a loss of £18.5m a year earlier.
The pension trustees acquired a 90pc stake in Uniq after the company ran into problems with its ballooning deficit, while the company's shares were moved from the main market to Aim.
The free float values Uniq at £87.9m, according to Thursday's closing price. Greencore declined to comment.
More Details: http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8484395/Greencore-mulls-bid-for-Uniq.html
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