Boparan builds Northern stake
Birmingham poultry tycoon Ranjit Boparan has reported to the Stock Exchange that he has acquired or has agreements in place to increase his stake in Northern Foods to 48.25 per cent. The news follows rival suitor Greencore's decision to bow out of the race for the Leeds-based food manufacturer.
Greencore said it had explored obtaining funding to acquire the parts of the Northern Foods branded business with what it described as the "greatest synergy potential", but decided not to proceed with this course of action.
Boparan's £342m bid for Northern has been recommended by the food manufacturer's board at the expense of the previously recommended merger with Greencore.
Boparan hopes to combine Northern with his 2 Sisters Food Group and create a £2bn turnover business.
Northern is one of the biggest suppliers of own-label products in the UK, with revenue of £977m last year.
