Greencore Agrees to £1.2 Billion Deal for Foodmaker Bakkavor
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Irish convenience food manufacturer Greencore Group Plc agreed to buy Bakkavor Group Plc in a deal that values its London-listed rival at about £1.2 billion ($1.5 billion).
The company will pay 85 pence in cash and 0.604 Greencore shares for each Bakkavor share, according to a statement, which said the Bakkavor board is inclined to recommend the in-principle agreement to shareholders. Greencore’s shareholders would own about 56% of the combined group, with Bakkavor’s holding the rest.