News: No revised offer for Northern Foods from Greencore
Ireland's Greencore Group is not going to make a revised offer for Leeds-based food manufacturer Northern Foods.
Greencore employ around 3,000 people in Yorkshire and Greencore Prepared Foods at Waleswood in Rotherham prepares quiches, tarts and Weight Watchers Foods.
The deal was proposed in November and structured as a merger of equals to create a combined business to be named Essenta Foods.
Northern Foods makes own-label products for retailers as diverse as premium food seller Marks & Spencer and discounter Aldi. Its brands include Goodfella's Pizza and Fox's biscuits. Greencore is one of Britain's biggest sandwich and ready- meals-makers.
In an update to the stock exchange the board of Greencore stated: "Over the past few weeks Greencore has been working with a partner in order to agree a simultaneous sale of certain of the Northern Foods branded businesses. This approach was intended to provide significant funding and allow Greencore to acquire only the parts of the Northern Foods business with the greatest synergy potential. This relatively complex structure required a range of stakeholders to reach agreement. However, after substantial investigation, the board has determined that an improved offer could not be concluded on terms which would deliver sufficiently strong returns to Greencore shareholders."
Employing over 600 people, Greencore's Rotherham facility bakes over a hundred thousand quiche a day and uses over 35 million eggs a year.
Greencore website
Images: Greencore
Greencore employ around 3,000 people in Yorkshire and Greencore Prepared Foods at Waleswood in Rotherham prepares quiches, tarts and Weight Watchers Foods.
The deal was proposed in November and structured as a merger of equals to create a combined business to be named Essenta Foods.
Northern Foods makes own-label products for retailers as diverse as premium food seller Marks & Spencer and discounter Aldi. Its brands include Goodfella's Pizza and Fox's biscuits. Greencore is one of Britain's biggest sandwich and ready- meals-makers.
In an update to the stock exchange the board of Greencore stated: "Over the past few weeks Greencore has been working with a partner in order to agree a simultaneous sale of certain of the Northern Foods branded businesses. This approach was intended to provide significant funding and allow Greencore to acquire only the parts of the Northern Foods business with the greatest synergy potential. This relatively complex structure required a range of stakeholders to reach agreement. However, after substantial investigation, the board has determined that an improved offer could not be concluded on terms which would deliver sufficiently strong returns to Greencore shareholders."
Employing over 600 people, Greencore's Rotherham facility bakes over a hundred thousand quiche a day and uses over 35 million eggs a year.
Greencore website
Images: Greencore
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