Bakkavor, the manufacturer of fresh prepared food, has turned down a takeover bid from convenience foods manufacturer Greencore, stating that the offer “significantly undervalued the Company and its future prospects.”
Greencore, which has its UK head office in Worksop, has made two proposals to Bakkavor, with the first made on 25 February and rejected on 27 February.
Greencore made a second approach to the board of Bakkavor on 7 March 2025, with the revised proposal now rejected.
The £1.1bn offer would have seen Greencore shareholders own approximately 59.8% and Bakkavor shareholders own approximately 40.2% of the enlarged group.
The group would create a leading UK convenience food business with a combined revenue of £4bn.
