India, March 14 -- Greencore Group (GNC.L) Friday confirmed it made two proposals to acquire Bakkavor Group through a cash and share offer. The first proposal, made on February 25 was rejected by Bakkavor's board on February 27. Greencore submitted a revised proposal on March 7, which was also declined on March 10.
Under the revised terms, Bakkavor shareholders would receive 85 pence in cash and 0.523 Greencore shares per Bakkavor share, along with the right to a 4.8 pence final dividend. The offer values Bakkavor at 189 pence per share, representing a 25 percent premium to its closing price on March 13 and a total equity value of 1.14 billion pounds.
If successful, Greencore shareholders would hold approximately 59.8 percent of the combi...