Boparan increases Northern Foods stake
Birmingham chicken entrepreneur Ranjit Boparan has increased his stake in Northern Foods. Boparan has acquired or agreed to take over 70.01 per cent of the share capital of the Leeds-based retailer, upping last week’s announcement that he was to purchase a 48.25 per cent stake.
Boparan’s fellow Northern Foods shareholders now have until 1pm on 23 March to accept or decline the offer.
Following Irish retailer Greencore’s decision to bow out of the race to buy Northern Foods, Boparan announced his intention to purchase a 48.25 per cent slice of the business.
This morning it was revealed that the poultry tycoon, who owns the Harry Ramsden’s chain of restaurants, had acquired or agreed to acquire 328,122,171 Northern Foods Shares, representing approximately 70.01 per cent. of the existing issued ordinary share capital of Northern Foods.
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.
