|
The Competition & Markets Authority on Tuesday said it is considering whether Greencore Group PLC’s planned acquisition of Bakkavor Group PLC may reduce competition in the UK. Greencore in May agreed a £1.2 billion takeover of Bakkavor, creating a ‘leading UK convenience food business’. Dublin-based convenience foods maker Greencore will pay 85 pence in cash, plus 0.604 of a new Greencore share for each Bakkavor share. Greencore shareholders will own 56% of the combined firm, and shareholders in London-based Bakkavor will own 44%. Based on Greencore’s closing price of 190p on March 13, the deal values each Bakkavor share at 200p and all its equity at £1.2 billion. However, Greencore shares are up 23% since then, so the offer value now is about 226p. Greencore shares were down 0.2% to 233.50p early Tuesday in London for a market capitalisation of £1.03 billion. Bakkavor shares were down 0.5% to 218.00p for a market cap of £1.26 billion. The CMA said Tuesday: ‘To assist it with this assessment, the CMA invites comments on the transaction from any interested party.’ The invitation to comment closes on July 22. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
