Convenience food manufacturer Greencore said today that Bakkavor had rejected two of its bids for a potential acquisition, the latest of which would have valued the rival at £1.14 billion.
Shares of Bakkavor jumped more than 18% to 179.5 pence today, their highest in nearly six and a half years.
However, Bakkavor’s stock was still under the implied value of 189 pence per share from the cash-and-stock proposal, which also included a dividend right.
Greencore said its latest proposal, made on March 7, provided a “highly compelling value creation opportunity” for both companies, with bigger scale and cashflows if merged.
