Insider Media Limited

Birmingham-based poultry tycoon Ranjit Boparan has received the support of more than 34 per cent of Northern Foods' shareholders for his offer for the company. Rival bidder Greencore has now said it is "still considering its options" as Boparan further extended the deadline for his 73 pence per share offer for the company.

Boparan told the Stock Exchange late yesterday that he had extended the deadline for his offer for the Leeds-based business until 1pm on 16 March. He needs 75 per cent of shareholders to agree to the deal.

But this morning, Greencore responded immediately by refusing to rule itself out of the race.

In a statement, the Irish business said: "Greencore confirms it is still considering its options in relation to Northern Foods and a further announcement will be made in due course."

It comes amid speculation that Greencore has been in discussions with third parties including Nestlé about mounting a new deal.

On 21 January, Boparan and Northern announced they had reached an agreement over Boparan's cash offer for the Leeds food manufacturer.

The move came just two months after Greencore and Northern announced a merger plan.

Boparan said at 1pm yesterday, he had received acceptances from Northern shareholders holding 107.9 million shares.

He also revealed he had bought 30.9 million shares from Saerimner Limited, conditional on the status of Boparan's offer for the business, to go alongside the 22.4 million shares he already owns.

Boparan said the total number of shares including those he owns or are set to acquire and those which have accepted his move for Northern totalled 161.3 million - representing 34.4 per cent of the business, excluding any treasury shares.

Boparan's statement added: "The offer will remain open until 1pm (London time) on 16 March 2011. Northern Foods shareholders who wish to accept (and have not yet validly accepted) the offer are urged to take action as soon as possible, and in any event by 1pm (London time) on 16 March 2011."