Greencore shares down as takeover talks break down

GREENCORE has announced that talks relating to a takeover of the company have broken down.

The Dublin-headquartered convenience food giant’s share price jumped by over 20% on October 25 on news that the company had received a possible takeover approach. Noting the events of that time, management said that such discussions were entered into “with a view to establishing whether a proposal acceptable to the board, which could then be put to shareholders, would be forthcoming”.

“Given the board’s unanimous view on the strong underlying value of Greencore and the current dislocation in global equity and debt capital markets, both parties have agreed to end discussions. Accordingly, the board can confirm that the company is no longer engaged in any discussions regarding a potential offer for the company,” it added.