Greencore counter-bid under fire

THE latest move by Greencore Group to mount a counter-bid for Northern Foods has been criticised by two leading Irish stockbrokers as bad for the company’s shareholders.

Their remarks follow reports from Britain yesterday that Greencore had lined up a private equity (PE) firm to examine the possibility of making an offer for the business. Northern Foods are the makers of Fox’s biscuits and Goodfella’s pizzas.

Greencore has been given access to Northern’s latest results as it reconsiders its options.