Ranjit Singh Boparan has offered to purchase Northern Foods for 73 pence per share, or 341-million pounds sterling, outbidding rival Greencore for the Goodfella's pizza brand owner.
Based in the English Midlands, Boparan controls Boparan Holdings, reached an agreement this morning with Northern Foods’ pension trustees this morning, enabling a takeover bid.
Boparan, a chicken magnate, is seeking to break=up Greencore’s proposed all share merger with Northern which valued the company at 50 pence per share. At the time of the Northern-Greencore merger pact in November of last year, Greencore agreed to provide 15-million pounds of annual financing to Northern in order to cut its 142-million pound deficit.
Irish-based Greencore will now be pressured to sweeten terms of its bid for Northern.