Boparan Increases Stake in Northern Foods to 11.4%
January 25
12:42
2011
Following its £342m bid for Northern Foods, Boparan Holdings has now increased its stake in the UK convenience food group from 6.6% to 11.4%. Boparan Holdings, which is controlled by food business entrepreneur Ranjit Singh Boparan, made a 73p a share offer for Northern Foods on Friday.
It has since acquired 22.4m ordinary shares of Northern Foods (representing approximately 4.8 % of the issued share capital) at a price of 73 pence per share. Bopara’s cash offer of 73p per share has been recommended by the board of Northern Foods in preference to an earlier all-share merger proposal by Greencore, the Irish and UK convenience food group.
