Greencore advised to ‘walk away’

GREENCORE has been advised not to try and trump Ranjit Boparan’s £342 million (€401.7m) bid for Northern Foods and to walk away from the sale process by NCB stockbrokers.

Greencore’s board yesterday hinted at the possibility of adding a cash element to its initial share swap offer, saying it “recognises the importance attached by the Northern Foods board to the certainty of cash value in their decision to change their recommendation”.

Shares in Northern Foods shares gained 17%, to 74p yesterday, on the possibility of Greencore raising its offer with a cash sweetener. Greencore shares fell 5.4% to €1.14.