Food group Greencore has said that it is still mulling its options regarding a potential merger with Northern Foods after food tycoon Ranjit Boparan said a third of the company's shareholders backed his bid for the firm.
Northern Foods, which makes Fox's biscuits and Goodfella's pizza, agreed in January to back a bid worth 73 pence per share from Boparan, valuing the business at around £342m sterling.
Boparan said yesterday that he now holds or has agreed to acquire 34.4% of Northern Foods' shares after 23% of Northern's shareholders accepted his offer. Boparan, which said his offer would remain open until March 16, held a 11.4% stake in the company before yesterday.
Greencore is seeking a private equity partner to part-fund a higher offer, possibly including a cash element, according to reports last month.
'Greencore confirms it is still considering its options in relation to Northern Foods and a further announcement will be made in due course,' it said in a brief statement today.
