Bakkavor has given the original approval of Greencore’s £ 1.2 billion to the cash and shares.
The governments of both companies have agreed on the main economic terms and conditions of the trade, creating an estimated £ 4 billion of the combined comfort food company.
Last week, the reports revealed that Greencore returned on a third offer after its second proposal, worth about £ 1.14 billion, was rejected on 10 March.
The transaction has still agreed on the remaining terms and conditions of the tender and the approval of regulation.
Offer values Bakkovor 85 pence shares, plus 0.604 Greencore shares for each bakkavor stock, with a total value of around £ 1.2 billion. The Bakkovor Board has unanimously agreed to recommend the agreement to its shareholders.
According to the terms of the agreement, Greencore shareholders own about 56% of the combined unit, while Bakkavor shareholders would retain the remaining 44%.
Greencore raised its victory expectation yesterday after receiving a strong sales injury in the quarter, although it clarified that the announcement was not related to any bacon -related contracts.
For a year ending on September 26, 2025, the company is expecting its operating profit for a decline in £ 112-115 million.
