International food firm rejects Greencore acquisition bid

A Greencore factory in Bristol, England. Greencore was founded in 1991 following the privatisation of Irish Sugar. File picture

Irish food manufacturer Greencore said rival firm Bakkavor had rejected two of its bids for a potential acquisition, the latest of which would have valued the acquisition at £1.14bn (€1.4bn).

Greencore approached Bakkavor in recent weeks to express interest in a potential deal. Bakkavor has a market capitalisation of £895m (€1.1bn), while Greencore is valued at £850m (€1.01bn).