Following approval from the UK Takeover Panel, Greencore’s deadline to make a formal takeover bid for rival food manufacturer Bakkavor has been extended to 23 May. The delay gives both parties additional time to solidify terms for a proposed £1.2 billion cash-and-share deal.
Greencore and Bakkavor had previously reached an initial agreement on the transaction, which would see Greencore own 56% of the combined group and Bakkavor shareholders retain the remaining 44%. The entity would generate around £4 billion in annual revenue if the merger proceeds.
Bakkavor, a major supplier of ready meals and desserts to UK supermarkets such as Tesco and Sainsbury’s, earned £2.29 billion in revenue last year, more than 80% in the UK. Greencore, based in Dublin with significant operations in Worksop, brought in £1.81 billion over the same period through its ready meals and food-to-go products across 16 UK sites.
This marks the third deadline extension since the initial approach, suggesting ongoing negotiations and potential offer structure or terms changes. Further extensions remain possible if both parties agree.
