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Greencore reports oversubscribed take up of tender offer

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Patrick Coveney, Greencore CEO

Patrick Coveney, Greencore CEO

Patrick Coveney, Greencore CEO

Irish food group Greencore has reported a full take up of its £509m (€587m) share tender, as it returns money to shareholders following the $1.07bn (€936m) sale of its US business last year.

While some small shareholders had questioned the tender offer, shareholder approval for the scheme was unanimous in a vote at the group’s AGM earlier this week.

The maximum number of ordinary shares authorised by shareholders under the tender offer was 261,025,641, and the offer was oversubscribed, with a total of 296,192,127 ordinary shares validly tendered by qualifying shareholders.

Shareholders who tendered ordinary shares equal to or less than their basic entitlement will have their tender accepted in full.

Meanwhile, shareholders who tendered in excess of their basic entitlement will have their tender accepted in respect of their basic entitlement, plus approximately 74.76pc of the number of ordinary shares in excess of their basic entitlement that they tendered, the company said in a statement.

Greencore, whose main market is the UK after the sale of its US business last year, manufactures more than 700 million sandwiches and food-to-go items every year.

Its customers include supermarket chains such as Asda, Morrisons, Tesco and Sainsbury's.

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