Astounding Repercussions of Greencore's Bakkavor Acquisition: Unfortunate Reduction in Irrevocable Undertaking

The food industry behemoth, Greencore Group, has declared that it has obtained complete, unimpeded control over Bakkavor Group, underscoring an extraordinary rearrangement in the corporate shape of the industry. This outstanding acquisition arrived by means of a mutually agreed cash and share offer, affecting the entirety of Bakkavor’s issued and pending ordinary share capital.

It was evident from the outset that this deal was slated to make quite a stir. Of note, the agreement attracted an irrevocable commitment from Polaris Capital Management to vote in favor of the Resolutions at the meeting. Remarkably, this commitment extended to a substantial number of Greencore Shares, approximately 5.5% of their ordinary share capital.

Following this, the total number of Greencore Shares subject to the irrevocable undertaking sank to 21,604,223, approximately 4.9% of its issued share capital. Despite this considerable reduction, Greencore carries on with its forceful acquisition strategy, capturing headlines and analyst interest alike.

Rothschild & Co, a sponsor and financial advisor, along with Deutsche Numis and Goodbody play crucial roles advising Greencore in this transaction, ensuring legal and financial diligence.