Greencore faces rivals in €120m Uniq buyout bid
Published 05/06/2011 | 05:00
Patrick Coveney's Greencore faces stiff opposition in its bid for €120m valued rival Uniq as cornish pasty maker Samworth Brothers entered the fray.
It is understood both Greencore and Samworth Brothers were among the first round bidders for Uniq, which makes sandwiches for Marks & Spencer. The company produces 90 million sandwiches every year. Samworth Brothers is the world's largest baker of Melton Mowbray pork pies.
Patrick Coveney, whose brother Simon is Minister for Agriculture in the current government, has been seeking a buyout deal for Greencore ever since its proposed €400m merger with Northern Foods was gazumped by Boparan earlier this year. Coveney recently indicated that the company expected to land a big takeover or merger in the next two years.
However, a deal for Uniq is probably not the mega merger that shareholders have been expecting, with market sources suggesting that Greencore could become a target itself in coming months. Greencore is thought to have held talks with food giant Nestle ahead of its failed deal for Northern Foods.
A number of hedge funds including Wall Street giant Och Ziff have also been linked with financing a deal for the sandwich maker.
Sunday Indo Business