Harry Ramsden’s restaurant had made a big move to derail Greencore’s business move. They have offered a staggering £342m or €402m bid to Goodfella’s Pizza maker Northern Foods.
Now Northern Foods’ management had their heads turned and recommending that shareholders accept the offer. The proposal was made under Ranjit Singh Boporan’s Investment Company Boporan Holdings.
Back in November, Northern Foods’ management endorsed a merger with Greencore and even encouraged its shareholders to vote for the unification. They projected this to create a new company under the name of Essenta Foods. This was foreseen as a threat to Boporan’s company and has retaliated with a monstrous offer.
Greencore is an Ireland based company that has around 7,000 staff with 17 manufacturing plants in the UK.
Mr. Boporan was put in a spot light when he was given by the takeover panel a deadline to make a bid for this Leeds based food manufacturer. Five minutes before the deadline he was given an extension of up to 7:00PM, when 7:30 PM was reached all the details of his offer was laid on the table.
This business tycoon is surely a master of his craft and will never let his trade be left behind. Though this is still not the end of the line for Greencore, they may still have something up in their sleeves.
