Saturday 19 January 2019

Boparan extends deadline for Northern deal by two weeks

Peter Flanagan

Businessman Ranjit Boparan has extended the deadline for Northern Foods shareholders to accept his offer for the UK company by two weeks.

In a statement to the London Stock Exchange yesterday, Mr Boparan said he had secured just over 23pc of Northern's shares in addition to the 11pc he already controlled.

Market watchers had expected an extension as shareholders were unlikely to commit to a deal with Mr Boparan until they knew if Greencore would make a new offer for the company. Greencore have until March 27 to come back with a new bid for Northern.

The Irish company agreed to merge with Northern last November, but those plans were thrown into turmoil in January after Mr Boparan, whose 2 Sisters company supplies poultry to British supermarkets, launched an audacious takeover bid for Northern.

Northern closed down slightly at 73.5p. Greencore ended the day down 1.14pc at €1.16.

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