Greencore to buy rival Bakkavor

Combined firms will have revenues of £4bn (€4.8bn)

A Greencore factory in Bristol, England.

Irish convenience food manufacturer Greencore agreed to buy rival Bakkavor on Wednesday, valuing the company at $1.2bn (€1.4bn).

Bakkavor had already rejected at least two previous offers from Greencore. In an update to the London Stock Exchange this morning, the board of Bakkavorsaid it would unanimously recommend the terms to Greencore's shareholders.