Greencore is attempting to acquire Bakkavor, seeking to create a significant entity with a turnover of about £4bn. Despite making two offers, both have been rejected by Bakkavor, which claims they undervalue the company. Should the acquisition succeed, it would mark Greencore's largest deal to date. Greencore's financial strength, with revenues of £1.8bn compared to Bakkavor's £2.3bn, positions it as a formidable player in the sector, focusing on developing strategic opportunities in the food industry.
The board of Bakkavor, together with its financial advisers, carefully evaluated the latest proposal and concluded that it significantly undervalued the company and its future prospects.
If Greencore pulls it off, it will be the largest acquisition ever for the company, whose roots can be traced back to Irish Sugar.
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